D-Wave Quantum (NYSE:QBTS) Shares Up 9.9% After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS)’s share price rose 9.9% during mid-day trading on Tuesday after B. Riley raised their price target on the stock from $4.50 to $9.00. B. Riley currently has a buy rating on the stock. D-Wave Quantum traded as high as $4.69 and last traded at $4.21. Approximately 57,426,511 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 89,007,086 shares. The stock had previously closed at $3.83.

Other equities analysts have also recently issued research reports about the company. Craig Hallum boosted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Benchmark reaffirmed a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Roth Mkm lifted their target price on shares of 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, the stock presently has a consensus rating of “Buy” and an average target price of $6.38.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the sale, the insider now directly owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. The trade was a 3.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 20,138,711 shares of company stock valued at $92,022,537 over the last quarter. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Bank of New York Mellon Corp acquired a new position in shares of D-Wave Quantum during the 2nd quarter worth approximately $251,000. Rhumbline Advisers bought a new position in D-Wave Quantum during the second quarter worth about $93,000. Thoroughbred Financial Services LLC acquired a new position in D-Wave Quantum during the second quarter worth approximately $45,000. XTX Topco Ltd bought a new stake in D-Wave Quantum in the second quarter valued at approximately $163,000. Finally, Marshall Wace LLP acquired a new position in shares of D-Wave Quantum during the 2nd quarter worth approximately $265,000. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Trading Up 24.0 %

The business has a 50 day moving average of $4.97 and a two-hundred day moving average of $2.41. The firm has a market cap of $1.28 billion, a P/E ratio of -11.31 and a beta of 1.16.

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.