D-Wave Quantum (NYSE:QBTS) Trading 1.8% Higher After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price traded up 1.8% during trading on Friday after B. Riley raised their price target on the stock from $9.00 to $11.00. B. Riley currently has a buy rating on the stock. D-Wave Quantum traded as high as $6.80 and last traded at $6.62. 23,247,949 shares changed hands during trading, a decline of 73% from the average session volume of 86,168,219 shares. The stock had previously closed at $6.50.

Several other equities research analysts also recently weighed in on QBTS. Benchmark reissued a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Needham & Company LLC reiterated a "buy" rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. 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. Finally, Roth Mkm boosted their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a report on Thursday, December 12th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $6.71.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the sale, the insider now directly owns 30,000,000 shares of the company's stock, valued at $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Alan E. Baratz sold 8,372 shares of the firm's stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,152,665 shares of company stock valued at $92,096,075 over the last quarter. Insiders own 7.22% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of QBTS. Vanguard Group Inc. boosted its position in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after buying an additional 3,624,407 shares during the period. Penserra Capital Management LLC raised its stake in D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after acquiring an additional 839,942 shares in the last quarter. Geode Capital Management LLC boosted its position in D-Wave Quantum by 16.4% during the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after acquiring an additional 418,468 shares during the period. Bank of America Corp DE boosted its position in D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after acquiring an additional 2,497,263 shares during the period. Finally, UNICOM Systems Inc. bought a new position in shares of D-Wave Quantum in the fourth quarter worth $20,258,000. Institutional investors own 42.47% of the company's stock.

D-Wave Quantum Price Performance

The business has a fifty day moving average price of $6.62 and a 200 day moving average price of $3.21. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -14.42 and a beta of 1.10.

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.