D-Wave Quantum (NYSE:QBTS) Sees Strong Trading Volume Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) saw 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. 72,462,601 shares traded hands during 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.

QBTS has been the topic of several other research reports. Benchmark reissued a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday. Needham & Company LLC reissued a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm boosted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Finally, 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 report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum currently has an average rating of "Buy" and a consensus target price of $6.38.

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business's stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the transaction, the insider now owns 1,000,000 shares in the company, valued at $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders have sold 20,138,711 shares of company stock worth $92,022,537. Insiders own 7.22% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Arkadios Wealth Advisors bought a new position in D-Wave Quantum during the fourth quarter valued at $162,000. Sovereign Financial Group Inc. bought a new position in D-Wave Quantum during the fourth quarter valued at $179,000. Silverleafe Capital Partners LLC bought a new position in D-Wave Quantum during the fourth quarter valued at $820,000. Barclays PLC increased 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 valued at $117,000 after acquiring an additional 89,894 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Institutional investors own 42.47% of the company's stock.

D-Wave Quantum Price Performance

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

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.