D-Wave Quantum (NYSE:QBTS) Shares Gap Up After Analyst Upgrade

Shares of D-Wave Quantum Inc. (NYSE:QBTS) gapped up before the market opened on Monday after Benchmark raised their price target on the stock from $3.00 to $8.00. The stock had previously closed at $6.44, but opened at $8.02. Benchmark currently has a buy rating on the stock. D-Wave Quantum shares last traded at $7.18, with a volume of 37,915,410 shares.

Other analysts have also issued reports about the stock. Needham & Company LLC restated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley boosted their price objective 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. Roth Mkm upped their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, Craig Hallum boosted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $5.63.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the transaction, the insider now directly owns 18,730,193 shares in the company, valued at $91,216,039.91. This trade represents a 3.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 10,081,459 shares of company stock worth $45,337,894 over the last 90 days. 7.22% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds have recently made changes to their positions in the stock. Penserra Capital Management LLC grew 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 worth $4,409,000 after acquiring an additional 839,942 shares during the last quarter. Geode Capital Management LLC grew its position in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares during the last quarter. State Street Corp increased its stake in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of D-Wave Quantum during the second quarter valued at approximately $265,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of D-Wave Quantum in the 2nd quarter worth $251,000. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Trading Down 2.5 %

The company has a market capitalization of $1.78 billion, a P/E ratio of -18.93 and a beta of 1.79. The firm has a fifty day moving average of $2.78 and a 200 day moving average 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.