D-Wave Quantum (NYSE:QBTS) Trading 9.5% Higher After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS)’s share price rose 9.5% during trading on Thursday 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 $4.63 and last traded at $4.51. Approximately 26,111,887 shares traded hands during mid-day trading, an increase of 238% from the average daily volume of 7,726,460 shares. The stock had previously closed at $4.12.

QBTS has been the subject of several other reports. B. Riley lifted their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Needham & Company LLC restated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus price target of $3.71.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC increased its stake 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 buying an additional 89,894 shares during the period. Geode Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares in the last quarter. State Street Corp increased its stake 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 during the period. Penserra Capital Management LLC raised its holdings in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares in the last quarter. Finally, Bogart Wealth LLC acquired a new stake in D-Wave Quantum in the third quarter worth approximately $49,000. 42.47% of the stock is currently owned by institutional investors.

D-Wave Quantum Stock Performance

The stock has a market capitalization of $1.12 billion, a P/E ratio of -11.89 and a beta of 1.79. The business has a 50 day simple moving average of $1.99 and a 200-day simple moving average of $1.38.

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.