D-Wave Quantum (NYSE:QBTS) Trading Up 9.9% Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) shares traded up 9.9% during mid-day trading on Tuesday after B. Riley raised their price target on the stock from $4.50 to $9.00. B. Riley currently has a buy rating on the stock. D-Wave Quantum traded as high as $4.69 and last traded at $4.21. 57,426,511 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 89,007,086 shares. The stock had previously closed at $3.83.

QBTS has been the subject of several other research reports. Needham & Company LLC reissued a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum lifted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Roth Mkm boosted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Finally, Benchmark reaffirmed a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $6.38.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the sale, the insider now owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 20,138,711 shares of company stock worth $92,022,537. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC increased its holdings in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares during the period. Silverleafe Capital Partners LLC bought a new stake in shares of D-Wave Quantum in the 4th quarter worth approximately $820,000. Geode Capital Management LLC increased its stake in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying an additional 645,039 shares during the period. State Street Corp raised its holdings in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares in the last quarter. Finally, Penserra Capital Management LLC lifted its stake in D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares during the period. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Stock Up 24.0 %

The firm’s fifty day moving average is $4.97 and its two-hundred day moving average is $2.41. The firm has a market cap of $1.28 billion, a P/E ratio of -11.31 and a beta of 1.16.

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.