D-Wave Quantum (NYSE:QBTS) Shares Up 41.3% on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded up 41.3% during trading on Friday after Roth Mkm raised their price target on the stock from $7.00 to $10.00. Roth Mkm currently has a buy rating on the stock. D-Wave Quantum traded as high as $9.85 and last traded at $9.76. 112,421,459 shares were traded during trading, an increase of 45% from the average session volume of 77,703,945 shares. The stock had previously closed at $6.91.

QBTS has been the topic of several other reports. B. Riley raised their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday. Needham & Company LLC reissued a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research note on Friday. Benchmark reaffirmed a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Friday. Finally, Craig Hallum lifted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum currently has an average rating of “Buy” and a consensus target price of $8.42.

Insider Activity

In related news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $6.68, for a total value of $6,680,000.00. The disclosure for this sale can be found here. Insiders sold 11,071,206 shares of company stock worth $53,438,181 over the last three months. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of QBTS. Penserra Capital Management LLC grew its holdings in shares of 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 valued at $4,409,000 after purchasing an additional 839,942 shares during the period. State Street Corp raised its stake in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares during the period. Barclays PLC boosted its holdings in D-Wave Quantum by 298.3% in 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 last quarter. Geode Capital Management LLC grew its stake 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 valued at $2,513,000 after buying an additional 645,039 shares during the period. Finally, Silverleafe Capital Partners LLC acquired a new stake in shares of D-Wave Quantum during the 4th quarter worth approximately $820,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Performance

The stock has a market cap of $2.74 billion, a PE ratio of -24.25 and a beta of 1.12. The company’s 50-day moving average price is $6.07 and its 200 day moving average price is $3.86.

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.