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

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) was up 8.8% 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. Approximately 106,051,759 shares traded hands during mid-day trading, an increase of 273% from the average daily volume of 28,448,333 shares. The stock had previously closed at $10.15.

Other analysts also recently issued reports about the company. Needham & Company LLC reiterated a "buy" rating and set a $8.50 price target on shares of D-Wave Quantum in a report on Friday. B. Riley increased 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. Craig Hallum increased their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Finally, Benchmark reiterated a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Friday. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum has a consensus rating of "Buy" and an average target price of $8.42.

Insider Activity

In related news, CFO John M. Markovich sold 5,582 shares of the firm's stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the transaction, the chief financial officer now owns 1,064,556 shares of the company's stock, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the firm's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $6.68, for a total transaction of $6,680,000.00. The disclosure for this sale can be found here. Insiders sold a total of 11,071,206 shares of company stock worth $53,438,181 in the last three months. Company insiders own 7.22% of the company's stock.

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Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently added to or reduced their stakes in the business. Barclays PLC lifted its position in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after acquiring an additional 89,894 shares in the last quarter. Silverleafe Capital Partners LLC bought a new position in D-Wave Quantum in the 4th quarter valued at about $820,000. Truist Financial Corp bought a new position in D-Wave Quantum in the 4th quarter valued at about $108,000. Patriot Financial Group Insurance Agency LLC bought a new position in D-Wave Quantum in the 4th quarter valued at about $488,000. Finally, Jones Financial Companies Lllp lifted its position in shares of D-Wave Quantum by 341.7% during the 4th quarter. Jones Financial Companies Lllp now owns 23,688 shares of the company's stock worth $199,000 after buying an additional 18,325 shares in the last quarter. Institutional investors own 42.47% of the company's stock.

D-Wave Quantum Stock Performance

The business has a 50 day moving average price of $6.09 and a two-hundred day moving average price of $3.98. The stock has a market cap of $2.90 billion, a PE ratio of -25.64 and a beta of 1.12.

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.