D-Wave Quantum (NYSE:QBTS) Stock Price Up 8.8% Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price shot up 8.8% on Monday 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 $11.39 and last traded at $11.05. 106,051,759 shares were traded during mid-day trading, an increase of 273% from the average session volume of 28,448,333 shares. The stock had previously closed at $10.15.

A number of other equities research analysts also recently weighed in on the stock. Benchmark reaffirmed a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Needham & Company LLC restated a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Craig Hallum lifted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, B. Riley increased their target price on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $8.42.

Insiders Place Their Bets

In other news, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of D-Wave Quantum stock in a transaction dated Friday, December 20th. The stock was 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. Over the last ninety days, insiders have sold 11,071,206 shares of company stock valued at $53,438,181. 7.22% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of institutional investors have recently made changes to their positions in QBTS. 111 Capital purchased a new position in shares of D-Wave Quantum in the fourth quarter worth $123,000. Ameriflex Group Inc. bought a new stake in D-Wave Quantum in the 4th quarter worth $205,000. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum in the fourth quarter valued at about $26,000. Voloridge Investment Management LLC bought a new position in shares of D-Wave Quantum during the fourth quarter valued at about $2,063,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth about $1,989,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Down 3.7 %

The company has a market capitalization of $2.90 billion, a PE ratio of -25.64 and a beta of 1.12. The stock’s fifty day moving average price is $6.11 and its two-hundred day moving average price is $4.05.

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.