D-Wave Quantum (NYSE:QBTS) Shares Up 22.7% on Analyst Upgrade

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were up 22.7% during mid-day trading on Monday after Benchmark raised their price target on the stock from $3.00 to $8.00. Benchmark currently has a buy rating on the stock. D-Wave Quantum traded as high as $8.03 and last traded at $7.90. Approximately 50,964,250 shares changed hands during trading, an increase of 347% from the average daily volume of 11,400,678 shares. The stock had previously closed at $6.44.

Other analysts have also issued reports about the company. Craig Hallum raised their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday. B. Riley raised their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Roth Mkm lifted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $5.63.

Insider Buying and Selling

In related 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 transaction of $35,522,266.53. Following the transaction, the insider now directly owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

A number of hedge funds have recently made changes to their positions in QBTS. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum in the second quarter valued at about $45,000. SG Americas Securities LLC acquired a new position in shares of D-Wave Quantum in the 3rd quarter valued at approximately $42,000. Bogart Wealth LLC purchased a new position in shares of D-Wave Quantum during the 3rd quarter valued at approximately $49,000. Rhumbline Advisers acquired a new stake in shares of D-Wave Quantum during the second quarter worth approximately $93,000. Finally, Barclays PLC increased 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 buying an additional 89,894 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of -18.50 and a beta of 1.79. The firm’s fifty day moving average is $2.64 and its 200-day moving average is $1.59.

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.