D-Wave Quantum (NYSE:QBTS) Trading 7.9% Higher on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) traded up 7.9% during mid-day trading 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 traded 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.

Several other equities research analysts have also recently commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley upped their target price on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $3.71.

Insider Activity

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the transaction, the insider now directly owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently added to or reduced their stakes in QBTS. Barclays PLC raised its position in shares of D-Wave Quantum by 298.3% in the third 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. Geode Capital Management LLC grew its stake 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 valued at $2,513,000 after buying an additional 645,039 shares during the last quarter. State Street Corp grew its stake 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 valued at $1,986,000 after buying an additional 17,225 shares during the last quarter. Penserra Capital Management LLC lifted its position in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares during the last quarter. Finally, Bogart Wealth LLC acquired a new stake in D-Wave Quantum during the third quarter worth approximately $49,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 4.1 %

The company has a market cap of $911.72 million, a P/E ratio of -10.05 and a beta of 1.79. The business has a fifty day moving average price of $1.91 and a 200-day moving average price of $1.35.

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.