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

D-Wave Quantum Inc. (NYSE:QBTS)’s share price gapped up prior to trading 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 changing hands.

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

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $6.68, for a total value of $6,680,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 10,081,459 shares of company stock worth $45,337,894 in the last quarter. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Thoroughbred Financial Services LLC purchased a new position in shares of D-Wave Quantum during the 2nd quarter valued at $45,000. SG Americas Securities LLC purchased a new position in shares of D-Wave Quantum during the 3rd quarter valued at $42,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum in the 3rd quarter valued at about $49,000. Rhumbline Advisers purchased a new position in D-Wave Quantum in the 2nd quarter worth approximately $93,000. Finally, Barclays PLC grew its position in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

The firm has a market cap of $1.83 billion, a PE ratio of -19.40 and a beta of 1.79. The company has a 50 day simple moving average of $2.64 and a 200-day simple moving average of $1.59.

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.