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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) shot up 22.7% during mid-day trading 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 were traded during mid-day trading, an increase of 347% from the average session volume of 11,400,678 shares. The stock had previously closed at $6.44.

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

Insider Buying and Selling at D-Wave Quantum

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

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Thoroughbred Financial Services LLC bought a new stake in D-Wave Quantum in the second quarter valued at about $45,000. SG Americas Securities LLC acquired a new stake in D-Wave Quantum during the third quarter valued at approximately $42,000. Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum in the 3rd quarter valued at approximately $49,000. Rhumbline Advisers acquired a new position in shares of D-Wave Quantum in the 2nd quarter worth approximately $93,000. Finally, Barclays PLC lifted its position in shares of D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after buying an additional 89,894 shares during the period. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Stock Performance

The company has a 50-day moving average of $2.64 and a 200 day moving average of $1.59. The firm has a market cap of $1.83 billion, a P/E ratio of -19.40 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.