D-Wave Quantum (NYSE:QBTS) Trading 16.3% Higher After Analyst Upgrade

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded up 16.3% during mid-day trading on Friday after Benchmark raised their price target on the stock from $3.00 to $8.00. Benchmark currently has a buy rating on the stock. D-Wave Quantum traded as high as $7.55 and last traded at $7.41. 53,916,503 shares were traded during trading, an increase of 393% from the average session volume of 10,933,023 shares. The stock had previously closed at $6.37.

QBTS has been the topic of a number of other research reports. Craig Hallum upped their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday. Needham & Company LLC restated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm upped their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Finally, B. Riley upped their price target on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum has an average rating of “Buy” and an average target price of $5.63.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the sale, the insider now owns 18,730,193 shares in the company, valued at $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently made changes to their positions in the business. Penserra Capital Management LLC raised its position in shares of D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the period. Geode Capital Management LLC raised its position in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares during the period. State Street Corp raised its position in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares during the period. Marshall Wace LLP purchased a new position in shares of D-Wave Quantum in the 2nd quarter worth $265,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of D-Wave Quantum in the 2nd quarter worth $251,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

The firm has a 50-day simple moving average of $2.64 and a 200 day simple moving average of $1.59. The company has a market capitalization of $1.44 billion, a PE ratio of -15.33 and a beta of 1.79.

About D-Wave Quantum

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.