D-Wave Quantum (NYSE:QBTS) Trading 7.9% Higher Following Analyst Upgrade

Shares of D-Wave Quantum Inc. (NYSE:QBTS) shot up 7.9% during trading on Friday after Roth Mkm raised their price target on the stock from $3.00 to $7.00. Roth Mkm currently has a buy rating on the stock. D-Wave Quantum traded as high as $4.38 and last traded at $4.22. 22,813,051 shares traded hands during mid-day trading, an increase of 188% from the average session volume of 7,914,063 shares. The stock had previously closed at $3.91.

Other research analysts also recently issued research reports about the stock. B. Riley upped their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $3.71.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the sale, the insider now directly owns 18,730,193 shares of the company’s stock, valued at $91,216,039.91. The trade was a 3.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. SG Americas Securities LLC acquired a new position in shares of D-Wave Quantum during the third quarter valued at about $42,000. Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum in the 2nd quarter worth about $45,000. Bogart Wealth LLC bought a new position in D-Wave Quantum in the 3rd quarter valued at about $49,000. Instrumental Wealth LLC boosted its stake in D-Wave Quantum by 85.9% during the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after purchasing an additional 25,067 shares during the last quarter. Finally, Rhumbline Advisers bought a new stake in D-Wave Quantum during the 2nd quarter worth approximately $93,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 27.7 %

The firm has a 50 day moving average price of $1.99 and a 200 day moving average price of $1.38. The stock has a market capitalization of $1.12 billion, a PE ratio of -11.89 and a beta of 1.79.

D-Wave Quantum Company Profile

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.