D-Wave Quantum (NYSE:QBTS) Trading 22.7% Higher After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price was 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 traded 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.

A number of other analysts have also commented on QBTS. Craig Hallum lifted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a report on Friday. B. Riley upped their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a report on Monday, November 25th. Needham & Company LLC restated a "buy" rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Roth Mkm increased their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a research report on Thursday, December 12th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $5.63.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold a total of 10,081,459 shares of company stock valued at $45,337,894 in the last ninety days. 7.22% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

Several large investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new position in D-Wave Quantum during the 3rd quarter valued at $42,000. Thoroughbred Financial Services LLC purchased a new position in shares of D-Wave Quantum during the 2nd quarter valued at $45,000. Bogart Wealth LLC purchased a new position in shares of D-Wave Quantum in the third quarter worth about $49,000. Rhumbline Advisers purchased a new stake in shares of D-Wave Quantum during the 2nd quarter valued at approximately $93,000. Finally, Barclays PLC boosted its holdings in D-Wave Quantum by 298.3% in the 3rd 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 period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Trading Up 26.6 %

The business has a fifty day moving average of $2.64 and a 200-day moving average of $1.59. The firm has a market cap of $1.83 billion, a PE ratio of -19.40 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.