D-Wave Quantum (NYSE:QBTS) Trading Up 1.8% Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) rose 1.8% 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. Approximately 23,247,949 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 86,168,219 shares. The stock had previously closed at $6.50.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark reissued a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Roth Mkm raised their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. Finally, Craig Hallum upped their price objective on 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 equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum currently has an average rating of "Buy" and an average target price of $6.71.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total value of $6,680,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,152,665 shares of company stock valued at $92,096,075 in the last ninety days. Insiders own 7.22% of the company's stock.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of QBTS. Barclays PLC increased its stake in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after purchasing an additional 89,894 shares during the period. Silverleafe Capital Partners LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth $820,000. Patriot Financial Group Insurance Agency LLC acquired a new position in D-Wave Quantum in the 4th quarter valued at $488,000. Stephens Inc. AR purchased a new position in D-Wave Quantum during the 4th quarter worth $494,000. Finally, Geode Capital Management LLC raised its position in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock worth $2,513,000 after buying an additional 645,039 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company's stock.

D-Wave Quantum Stock Down 1.9 %

The company's fifty day moving average price is $6.59 and its two-hundred day moving average price is $3.18. The firm has a market cap of $1.72 billion, a PE ratio of -15.18 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.