D-Wave Quantum (NYSE:QBTS) Trading Up 21.1% Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price traded up 21.1% 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 traded hands 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 brokerages also recently weighed in on QBTS. Benchmark reaffirmed a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday. Roth Mkm boosted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. Needham & Company LLC reaffirmed a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Craig Hallum lifted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $6.38.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm's stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have sold 20,138,711 shares of company stock valued at $92,022,537. 7.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently bought and sold shares of QBTS. State Street Corp grew its stake in D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company's stock valued at $1,986,000 after acquiring an additional 17,225 shares during the period. Arkadios Wealth Advisors acquired a new stake in D-Wave Quantum during the 4th quarter worth approximately $162,000. Sovereign Financial Group Inc. acquired a new stake in D-Wave Quantum during the 4th quarter worth approximately $179,000. Thoroughbred Financial Services LLC bought a new position in D-Wave Quantum in the second quarter valued at approximately $45,000. Finally, SG Americas Securities LLC acquired a new position in shares of D-Wave Quantum in the third quarter valued at approximately $42,000. Institutional investors own 42.47% of the company's stock.

D-Wave Quantum Price Performance

The company's 50-day moving average price is $4.97 and its 200-day moving average price is $2.41. The company has a market cap of $1.56 billion, a P/E ratio of -13.76 and a beta of 1.16.

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.