D-Wave Quantum (NYSE:QBTS) Trading Up 41.3% on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) shares shot up 41.3% during mid-day trading on Friday after B. Riley raised their price target on the stock from $11.00 to $12.00. B. Riley currently has a buy rating on the stock. D-Wave Quantum traded as high as $9.85 and last traded at $9.76. 112,421,459 shares traded hands during trading, an increase of 45% from the average session volume of 77,703,945 shares. The stock had previously closed at $6.91.

A number of other equities research analysts also recently issued reports on the stock. Craig Hallum upped their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC reissued a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research report on Friday. Roth Mkm boosted their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, Benchmark reissued a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research report on Friday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and a consensus price target of $7.92.

Insiders Place Their Bets

In related news, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the transaction, the insider now owns 30,000,000 shares in the company, valued at $122,100,000. This represents a 19.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,071,206 shares of company stock worth $53,438,181 in the last ninety days. 7.22% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Penserra Capital Management LLC increased its stake in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after buying an additional 839,942 shares during the period. State Street Corp raised 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 worth $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Barclays PLC boosted its stake in shares of D-Wave Quantum by 298.3% during 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 in the last quarter. Geode Capital Management LLC increased its position in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying an additional 645,039 shares during the period. Finally, Silverleafe Capital Partners LLC bought a new position in D-Wave Quantum in the fourth quarter worth about $820,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

The stock’s 50 day moving average is $6.05 and its 200-day moving average is $3.80. The company has a market capitalization of $2.62 billion, a P/E ratio of -23.18 and a beta of 1.12.

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.