D-Wave Quantum (NYSE:QBTS) Shares Gap Up After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) gapped up before the market opened on Monday after Benchmark raised their price target on the stock from $3.00 to $8.00. The stock had previously closed at $6.44, but opened at $8.02. Benchmark currently has a buy rating on the stock. D-Wave Quantum shares last traded at $7.18, with a volume of 37,915,410 shares.

Several other research firms have also commented on QBTS. Roth Mkm increased 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 report on Thursday, December 12th. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. B. Riley raised their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the stock a "buy" rating in a report on Monday, November 25th. Finally, Craig Hallum lifted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research report on Friday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $5.63.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of D-Wave Quantum stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total value of $6,680,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders have sold a total of 10,081,459 shares of company stock valued at $45,337,894 over the last quarter. Company insiders own 7.22% of the company's stock.

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Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp acquired a new position in D-Wave Quantum during the second quarter valued at approximately $251,000. Rhumbline Advisers purchased a new position in shares of D-Wave Quantum in the 2nd quarter valued at $93,000. Thoroughbred Financial Services LLC acquired a new position in shares of D-Wave Quantum during the 2nd quarter valued at $45,000. XTX Topco Ltd purchased a new stake in D-Wave Quantum during the 2nd quarter worth $163,000. Finally, Marshall Wace LLP acquired a new stake in D-Wave Quantum in the 2nd quarter valued at $265,000. Institutional investors and hedge funds own 42.47% of the company's stock.

D-Wave Quantum Stock Performance

The firm has a market capitalization of $1.83 billion, a PE ratio of -19.40 and a beta of 1.79. The firm has a fifty day moving average of $2.64 and a 200 day moving average of $1.59.

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.