D-Wave Quantum (NYSE:QBTS) Stock Price Up 21.1% After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) shares shot up 21.1% 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. D-Wave Quantum traded as high as $6.35 and last traded at $5.73. 111,753,437 shares changed hands during mid-day trading, an increase of 11% from the average session volume of 100,670,453 shares. The stock had previously closed at $4.73.

QBTS has been the subject of several other reports. Roth Mkm lifted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum boosted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Benchmark reissued a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Buy” and an average target price of $6.38.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the sale, the insider now directly owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This represents a 19.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 20,138,711 shares of company stock valued at $92,022,537 over the last three months. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently added to or reduced their stakes in the company. Barclays PLC grew its position in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares in the last quarter. Silverleafe Capital Partners LLC bought a new stake in D-Wave Quantum in the 4th quarter worth about $820,000. Geode Capital Management LLC grew its position in D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after purchasing an additional 645,039 shares in the last quarter. State Street Corp grew its position in D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Finally, Penserra Capital Management LLC grew its position in D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares in the last quarter. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Trading Up 22.2 %

The stock’s 50-day simple moving average is $4.97 and its 200-day simple moving average is $2.41. The firm has a market capitalization of $1.56 billion, a P/E ratio of -13.76 and a beta of 1.16.

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.