D-Wave Quantum (NYSE:QBTS) Trading Up 9.9% After Analyst Upgrade

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shot up 9.9% on Tuesday 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 $4.69 and last traded at $4.21. 57,426,511 shares changed hands during trading, a decline of 35% from the average session volume of 89,007,086 shares. The stock had previously closed at $3.83.

Several other equities analysts have also commented on QBTS. Benchmark restated a "buy" rating and issued a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday. Roth Mkm upped their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. Craig Hallum raised their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a report on Friday, December 20th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum has a consensus rating of "Buy" and a consensus price target of $6.38.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business's stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the sale, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders sold 20,138,711 shares of company stock worth $92,022,537. Insiders own 7.22% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in QBTS. State Street Corp raised its holdings in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after purchasing an additional 17,225 shares during the period. Sovereign Financial Group Inc. bought a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $179,000. Thoroughbred Financial Services LLC acquired a new stake in D-Wave Quantum during the second quarter worth about $45,000. SG Americas Securities LLC bought a new position in D-Wave Quantum in the third quarter worth about $42,000. Finally, Bogart Wealth LLC bought a new position in D-Wave Quantum in the third quarter worth about $49,000. Institutional investors and hedge funds own 42.47% of the company's stock.

D-Wave Quantum Stock Up 24.0 %

The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of -11.31 and a beta of 1.16. The stock has a 50 day simple moving average of $4.97 and a 200 day simple moving average of $2.41.

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.