D-Wave Quantum (NYSE:QBTS) Shares Up 8.8% on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) shares rose 8.8% during trading on Monday 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 $11.39 and last traded at $11.05. Approximately 106,051,759 shares changed hands during mid-day trading, an increase of 273% from the average daily volume of 28,448,333 shares. The stock had previously closed at $10.15.

Several other brokerages have also recently issued reports on QBTS. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a report on Friday. B. Riley upped their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday. Benchmark reiterated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Friday. Finally, Craig Hallum increased their price objective 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. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $8.42.

Insider Activity

In other news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction 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 $12,343,436.16. This represents a 0.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the transaction, the insider now directly owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. 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 over the last quarter. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum during the fourth quarter valued at $26,000. PNC Financial Services Group Inc. purchased a new position in shares of D-Wave Quantum during the 4th quarter worth about $38,000. Heritage Wealth Advisors bought a new position in D-Wave Quantum during the 4th quarter valued at about $67,000. Kingsview Wealth Management LLC bought a new position in D-Wave Quantum during the 4th quarter valued at about $84,000. Finally, Summit Investment Advisors Inc. raised its position in D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after purchasing 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 Stock Up 10.4 %

The company’s 50 day simple moving average is $6.09 and its 200-day simple moving average is $3.98. The firm has a market cap of $3.02 billion, a P/E ratio of -26.68 and a beta of 1.12.

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.