D-Wave Quantum (NYSE:QBTS) Stock Price Up 21.1% After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was up 21.1% during mid-day trading on Wednesday 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 $6.35 and last traded at $5.73. Approximately 111,753,437 shares changed hands during mid-day trading, an increase of 11% from the average daily volume of 100,670,453 shares. The stock had previously closed at $4.73.

A number of other brokerages have also weighed in on QBTS. Needham & Company LLC restated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark restated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday. 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 report on Friday, December 20th. Finally, Roth Mkm raised their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and a consensus target price of $6.38.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 18,730,193 shares in the company, valued at $91,216,039.91. The trade was a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have sold 20,138,711 shares of company stock worth $92,022,537. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Arkadios Wealth Advisors acquired a new position in D-Wave Quantum in the fourth quarter valued at $162,000. Sovereign Financial Group Inc. acquired a new position in D-Wave Quantum in the fourth quarter valued at $179,000. Silverleafe Capital Partners LLC acquired a new position in D-Wave Quantum in the fourth quarter valued at $820,000. Barclays PLC lifted its holdings in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after buying an additional 89,894 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying an additional 645,039 shares during the period. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 22.2 %

The stock has a market capitalization of $1.56 billion, a P/E ratio of -13.76 and a beta of 1.16. The firm’s 50 day simple moving average is $4.97 and its two-hundred day simple moving average is $2.41.

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.