D-Wave Quantum (NYSE:QBTS) Shares Up 16.3% After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was up 16.3% on Friday after Craig Hallum raised their price target on the stock from $2.50 to $9.00. Craig Hallum currently has a buy rating on the stock. D-Wave Quantum traded as high as $7.55 and last traded at $7.41. Approximately 53,916,503 shares changed hands during mid-day trading, an increase of 393% from the average daily volume of 10,933,023 shares. The stock had previously closed at $6.37.

Several other equities research analysts also recently weighed in on the company. B. Riley increased their price target on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Roth Mkm raised their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Six investment 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 price target of $4.79.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC boosted its stake in shares of D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares during the last quarter. Geode Capital Management LLC lifted its holdings 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 valued at $2,513,000 after purchasing an additional 645,039 shares in the last quarter. State Street Corp lifted its holdings in 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 purchasing an additional 17,225 shares in the last quarter. Penserra Capital Management LLC boosted its stake in 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 worth $4,409,000 after purchasing an additional 839,942 shares during the last quarter. Finally, Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum during the third quarter worth $49,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

D-Wave Quantum Stock Up 17.4 %

The stock’s 50-day moving average price is $2.53 and its 200 day moving average price is $1.55. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -17.81 and a beta of 1.79.

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.