D-Wave Quantum (NYSE:QBTS) Trading Up 9.9% on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) shares rose 9.9% during trading on Tuesday 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 $4.69 and last traded at $4.21. Approximately 57,426,511 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 89,007,086 shares. The stock had previously closed at $3.83.

QBTS has been the topic of several other reports. Craig Hallum raised their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Roth Mkm raised their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Benchmark restated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday. Finally, 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. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $6.38.

Insider Activity

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of D-Wave Quantum stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 20,138,711 shares of company stock worth $92,022,537 over the last quarter. 7.22% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently added to or reduced their stakes in QBTS. Bank of New York Mellon Corp purchased a new position in D-Wave Quantum during the second quarter worth approximately $251,000. Rhumbline Advisers purchased a new stake in D-Wave Quantum in the second quarter valued at $93,000. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum in the second quarter valued at $45,000. XTX Topco Ltd purchased a new stake in D-Wave Quantum in the second quarter valued at $163,000. Finally, Marshall Wace LLP purchased a new stake in D-Wave Quantum in the second quarter valued at $265,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 22.2 %

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