D-Wave Quantum (NYSE:QBTS) Trading 16.3% Higher on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded up 16.3% during trading on Friday 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 $7.55 and last traded at $7.41. 53,916,503 shares changed hands during trading, an increase of 393% from the average session volume of 10,933,023 shares. The stock had previously closed at $6.37.

QBTS has been the topic of a number of other research reports. Needham & Company LLC reiterated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm upped their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. B. Riley raised their price objective on 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, Craig Hallum upped their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $5.63.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 7.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC bought a new position in D-Wave Quantum in the 3rd quarter valued at approximately $42,000. Thoroughbred Financial Services LLC purchased a new stake in shares of D-Wave Quantum during the second quarter valued at $45,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum during the third quarter valued at $49,000. Instrumental Wealth LLC increased its holdings in D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after buying an additional 25,067 shares in the last quarter. Finally, Rhumbline Advisers bought a new position in D-Wave Quantum during the 2nd quarter valued at about $93,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Trading Up 1.1 %

The company’s 50 day simple moving average is $2.64 and its 200-day simple moving average is $1.59. The firm has a market cap of $1.44 billion, a P/E ratio of -15.33 and a beta of 1.79.

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.