D-Wave Quantum (NYSE:QBTS) Sees Unusually-High Trading Volume After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares saw unusually-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. Approximately 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 equities analysts have also weighed in on QBTS. Roth Mkm upped their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. Craig Hallum upped their price objective 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. Needham & Company LLC restated a "buy" rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Benchmark reiterated a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research note on Tuesday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $6.38.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company's stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In 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 company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in QBTS. Barclays PLC grew its position in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company's stock worth $117,000 after buying an additional 89,894 shares in the last quarter. Silverleafe Capital Partners LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter worth about $820,000. Geode Capital Management LLC increased its position in shares of D-Wave Quantum by 33.8% in the third 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 during the last quarter. State Street Corp raised 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 in the last quarter. Finally, Penserra Capital Management LLC raised 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 valued at $4,409,000 after purchasing an additional 839,942 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

D-Wave Quantum Trading Up 0.1 %

The company has a market capitalization of $1.56 billion, a PE ratio of -13.80 and a beta of 1.16. The stock has a fifty day moving average of $5.06 and a two-hundred day moving average of $2.43.

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.