Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded up 21.1% during trading 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. D-Wave Quantum traded as high as $6.35 and last traded at $5.73. 111,753,437 shares were traded during trading, an increase of 11% from the average session volume of 100,670,453 shares. The stock had previously closed at $4.73.
A number of other equities analysts have also weighed in on the company. Needham & Company LLC reaffirmed a "buy" rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum upped 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. Benchmark restated a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday. Finally, Roth Mkm upped their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $6.38.
Read Our Latest Report on QBTS
Insider Activity at D-Wave Quantum
In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders sold 20,138,711 shares of company stock valued at $92,022,537. 7.22% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Penserra Capital Management LLC grew its stake in shares of 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 worth $4,409,000 after acquiring an additional 839,942 shares during the period. Geode Capital Management LLC boosted 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 worth $2,513,000 after purchasing an additional 645,039 shares during the period. Marshall Wace LLP purchased a new position in shares of D-Wave Quantum in the second quarter worth about $265,000. Bank of New York Mellon Corp bought a new stake in shares of D-Wave Quantum in the second quarter valued at approximately $251,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of D-Wave Quantum during the 2nd quarter valued at approximately $163,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.
D-Wave Quantum Stock Performance
The company has a market capitalization of $1.56 billion, a PE ratio of -13.80 and a beta of 1.16. The stock's 50 day moving average is $5.06 and its 200 day moving average is $2.43.
D-Wave Quantum Company Profile
(
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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.
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