D-Wave Quantum (NYSE:QBTS) Trading 9.5% Higher on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price traded up 9.5% during mid-day trading on Thursday after Roth Mkm raised their price target on the stock from $3.00 to $7.00. Roth Mkm currently has a buy rating on the stock. D-Wave Quantum traded as high as $4.63 and last traded at $4.51. 26,111,887 shares traded hands during trading, an increase of 238% from the average session volume of 7,726,460 shares. The stock had previously closed at $4.12.

A number of other equities research analysts also recently weighed in on QBTS. B. Riley boosted their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a "buy" rating in a research note on Monday, November 25th. Needham & Company LLC reiterated a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum presently has a consensus rating of "Buy" and an average target price of $3.71.

Insider Activity at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company's stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the sale, the insider now directly owns 18,730,193 shares of the company's stock, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.22% of the stock is owned by insiders.

Institutional Trading of D-Wave Quantum

Hedge funds have recently made changes to their positions in the business. Barclays PLC raised its holdings 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 during the period. Geode Capital Management LLC raised its stake in D-Wave Quantum by 33.8% in the 3rd 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 in the last quarter. State Street Corp boosted its stake in shares of 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 buying an additional 17,225 shares during the period. Penserra Capital Management LLC lifted its position 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 valued at $4,409,000 after acquiring an additional 839,942 shares during the period. Finally, Bogart Wealth LLC acquired a new stake in D-Wave Quantum during the third quarter worth about $49,000. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Stock Down 5.1 %

The business's 50 day moving average is $1.85 and its 200-day moving average is $1.33. The firm has a market capitalization of $875.88 million, a P/E ratio of -10.74 and a beta of 1.79.

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.