D-Wave Quantum (NYSE:QBTS) Shares Up 22.7% Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) shot up 22.7% on Monday 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 $8.03 and last traded at $7.90. 50,964,250 shares changed hands during trading, an increase of 347% from the average session volume of 11,400,678 shares. The stock had previously closed at $6.44.

A number of other equities research analysts have also issued reports on QBTS. Needham & Company LLC reissued a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Craig Hallum increased their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. 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 research report on Monday, November 25th. Finally, Roth Mkm increased their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and an average price target of $5.63.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s 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 sale, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 10,081,459 shares of company stock valued at $45,337,894. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently bought and sold shares of the company. Penserra Capital Management LLC boosted its stake 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. Squarepoint Ops LLC acquired a new stake in D-Wave Quantum during the 2nd quarter worth approximately $163,000. Bank of New York Mellon Corp acquired a new stake in D-Wave Quantum during the 2nd quarter worth approximately $251,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum in the 2nd quarter valued at approximately $45,000. Finally, Marshall Wace LLP acquired a new position in shares of D-Wave Quantum in the second quarter worth $265,000. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Stock Down 2.5 %

The firm has a market cap of $1.78 billion, a PE ratio of -18.93 and a beta of 1.79. The business has a 50-day moving average price of $2.78 and a two-hundred day moving average price of $1.64.

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.