D-Wave Quantum (NYSE:QBTS) Stock Price Up 41.3% on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) shares traded up 41.3% during mid-day trading on Friday after Roth Mkm raised their price target on the stock from $7.00 to $10.00. Roth Mkm currently has a buy rating on the stock. D-Wave Quantum traded as high as $9.85 and last traded at $9.76. Approximately 112,421,459 shares traded hands during trading, an increase of 45% from the average session volume of 77,703,945 shares. The stock had previously closed at $6.91.

QBTS has been the topic of several other reports. Benchmark reiterated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Friday. B. Riley increased their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday. Needham & Company LLC reissued a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a report on Friday. Finally, Craig Hallum boosted 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 note on Friday, December 20th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Buy” and an average target price of $8.42.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the transaction, the insider now owns 30,000,000 shares in the company, valued at $122,100,000. This trade represents a 19.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,071,206 shares of company stock worth $53,438,181 in the last ninety days. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently bought and sold shares of the company. Fourth Dimension Wealth LLC purchased a new position in D-Wave Quantum during the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum during the fourth quarter valued at $38,000. Heritage Wealth Advisors purchased a new stake in D-Wave Quantum in the fourth quarter valued at $67,000. Kingsview Wealth Management LLC purchased a new stake in shares of D-Wave Quantum in the fourth quarter worth about $84,000. Finally, Summit Investment Advisors Inc. lifted its holdings in D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 shares during the period. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Trading Up 47.4 %

The firm has a market cap of $2.74 billion, a PE ratio of -24.25 and a beta of 1.12. The company has a 50-day simple moving average of $6.07 and a 200 day simple moving average of $3.86.

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.