D-Wave Quantum (NYSE:QBTS) Shares Up 8.8% on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares shot up 8.8% during mid-day trading on Monday after Roth Mkm raised their price target on the stock from $7.00 to $10.00. Roth Mkm currently has a buy rating on the stock. D-Wave Quantum traded as high as $11.39 and last traded at $11.05. 106,051,759 shares changed hands during mid-day trading, an increase of 273% from the average session volume of 28,448,333 shares. The stock had previously closed at $10.15.

A number of other analysts have also commented on the company. B. Riley lifted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Needham & Company LLC reissued a "buy" rating and issued a $8.50 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Benchmark restated a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Finally, Craig Hallum lifted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $8.42.

Insiders Place Their Bets

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the firm's stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares of the company's stock, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Alan E. Baratz sold 8,372 shares of the business's stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares of the company's stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,071,206 shares of company stock worth $46,758,181 over the last 90 days. Corporate insiders own 7.22% of the company's stock.

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Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently bought and sold shares of the stock. Summit Investment Advisors Inc. raised its position in shares of D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock valued at $87,000 after buying an additional 1,766 shares in the last quarter. Invesco Ltd. raised its position in D-Wave Quantum by 5.1% during the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company's stock valued at $358,000 after purchasing an additional 2,051 shares in the last quarter. Corebridge Financial Inc. lifted its stake in D-Wave Quantum by 5.0% during the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock worth $413,000 after purchasing an additional 2,342 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum in the 4th quarter worth about $26,000. Finally, Steward Partners Investment Advisory LLC increased its position in shares of D-Wave Quantum by 38.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company's stock valued at $110,000 after purchasing an additional 3,660 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors.

D-Wave Quantum Trading Down 3.6 %

The stock has a fifty day moving average of $6.25 and a two-hundred day moving average of $4.12. The company has a market capitalization of $2.25 billion, a PE ratio of -19.90 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. Equities analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

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.