D-Wave Quantum (NYSE:QBTS) Shares Up 7.9% After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) shares shot up 7.9% on Friday after Roth Mkm raised their price target on the stock from $3.00 to $7.00. Roth Mkm currently has a buy rating on the stock. D-Wave Quantum traded as high as $4.38 and last traded at $4.22. 22,813,051 shares changed hands during mid-day trading, an increase of 188% from the average session volume of 7,914,063 shares. The stock had previously closed at $3.91.

Other equities analysts have also issued reports about the stock. B. Riley increased their price objective 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. Needham & Company LLC reissued a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $3.71.

Insider Activity

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 18,730,193 shares in the company, valued at $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Thoroughbred Financial Services LLC bought a new stake in shares of D-Wave Quantum during the second quarter worth about $45,000. SG Americas Securities LLC acquired a new stake in D-Wave Quantum during the 3rd quarter worth approximately $42,000. Bogart Wealth LLC bought a new stake in D-Wave Quantum during the 3rd quarter worth approximately $49,000. Instrumental Wealth LLC increased its position in D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after acquiring an additional 25,067 shares during the period. Finally, Rhumbline Advisers bought a new position in shares of D-Wave Quantum during the second quarter valued at $93,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

The company has a market cap of $1.12 billion, a price-to-earnings ratio of -11.89 and a beta of 1.79. The business’s fifty day moving average price is $1.99 and its 200 day moving average price is $1.38.

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.