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

D-Wave Quantum Inc. (NYSE:QBTS) shares shot up 41.3% during 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. 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 subject of several other reports. Craig Hallum upped their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reissued a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a research report on Friday. Benchmark restated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Friday. Finally, B. Riley raised their target price on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday. Six investment 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 an average price target of $8.42.

Insider Activity

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum 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 transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,071,206 shares of company stock worth $53,438,181. 7.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum in the fourth quarter valued at approximately $26,000. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum during the fourth quarter worth $38,000. Heritage Wealth Advisors acquired a new position in D-Wave Quantum during the fourth quarter worth $67,000. Kingsview Wealth Management LLC purchased a new stake in D-Wave Quantum during the fourth quarter worth $84,000. Finally, Summit Investment Advisors Inc. boosted its position in D-Wave Quantum by 20.6% during the fourth 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 in the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

The stock has a 50-day simple moving average of $6.07 and a 200 day simple moving average of $3.88. The company has a market capitalization of $2.74 billion, a PE ratio of -24.25 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.