D-Wave Quantum (NYSE:QBTS) Trading 1.8% Higher on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) traded up 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. 23,247,949 shares were traded during trading, a decline of 73% from the average session volume of 86,168,219 shares. The stock had previously closed at $6.50.

Several other research analysts also recently weighed in on QBTS. Roth Mkm increased their price target 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. Benchmark reaffirmed a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Craig Hallum boosted their price target on 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 reaffirmed a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $6.71.

Insider Activity

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the sale, the insider now directly owns 18,730,193 shares in the company, valued at $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. The trade was 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 worth $92,096,075 over the last ninety days. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently modified their holdings of the business. Barclays PLC raised its position in shares of 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 purchasing an additional 89,894 shares during the last quarter. Silverleafe Capital Partners LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth about $820,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in D-Wave Quantum in the fourth quarter valued at approximately $488,000. Geode Capital Management LLC lifted its stake 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 valued at $2,513,000 after acquiring an additional 645,039 shares during the period. Finally, State Street Corp boosted its holdings in shares of D-Wave Quantum by 0.9% in the 3rd 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 last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Down 2.1 %

The stock’s 50 day moving average price is $6.56 and its two-hundred day moving average price is $3.11. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of -15.15 and a beta of 1.10.

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.