D-Wave Quantum (NYSE:QBTS) Sees Strong Trading Volume on Analyst Upgrade

Shares of D-Wave Quantum Inc. (NYSE:QBTS) saw strong trading volume 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. 72,462,601 shares were traded during mid-day trading, a decline of 24% from the previous session’s volume of 94,879,875 shares.The stock last traded at $6.14 and had previously closed at $4.73.

A number of other research analysts have also recently issued reports on QBTS. Roth Mkm lifted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday. Craig Hallum boosted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus target price of $6.38.

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the transaction, the insider now owns 1,000,000 shares in the company, valued at $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 20,138,711 shares of company stock worth $92,022,537. 7.22% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Barclays PLC grew its stake in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares during the period. Silverleafe Capital Partners LLC purchased a new position in shares of D-Wave Quantum during the 4th quarter valued at $820,000. Geode Capital Management LLC lifted its position in shares of D-Wave Quantum by 33.8% during the 3rd 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 last quarter. State Street Corp lifted its position in shares of D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after buying an additional 17,225 shares during the last quarter. Finally, Penserra Capital Management LLC lifted its position in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after buying an additional 839,942 shares during the last quarter. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Trading Up 22.2 %

The business has a 50-day moving average price of $4.97 and a 200 day moving average price of $2.41. The stock has a market cap of $1.56 billion, a PE ratio of -13.76 and a beta of 1.16.

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.