D-Wave Quantum (NYSE:QBTS) Trading 8.8% Higher on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price rose 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. Approximately 106,051,759 shares were traded 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.

Several other brokerages have also commented on QBTS. Needham & Company LLC reissued a "buy" rating and issued a $8.50 price objective on shares of D-Wave Quantum in a report on Friday. Craig Hallum lifted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. 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 research note on Friday. Finally, Benchmark reaffirmed a "buy" rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Friday. Six equities research 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 $8.42.

Insider Buying and Selling

In related news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of D-Wave Quantum stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $6.68, for a total value of $6,680,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,071,206 shares of company stock worth $53,438,181. 7.22% of the stock is owned by corporate insiders.

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Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Summit Investment Advisors Inc. raised its position in D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock valued at $87,000 after purchasing an additional 1,766 shares during the period. Invesco Ltd. raised its position in D-Wave Quantum by 5.1% in 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 during the period. Corebridge Financial Inc. raised its position in D-Wave Quantum by 5.0% in the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock valued at $413,000 after purchasing an additional 2,342 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in D-Wave Quantum in the fourth quarter valued at $26,000. Finally, Steward Partners Investment Advisory LLC raised its position in D-Wave Quantum by 38.9% in the fourth 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 period. Hedge funds and other institutional investors own 42.47% of the company's stock.

D-Wave Quantum Stock Up 10.4 %

The stock has a 50-day simple moving average of $6.09 and a 200 day simple moving average of $3.98. The company has a market cap of $3.02 billion, a PE ratio of -26.68 and a beta of 1.12.

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.