D-Wave Quantum (NYSE:QBTS) Trading Up 7.9% on Analyst Upgrade

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded up 7.9% during trading on Friday after Roth Mkm raised their price target on the stock from $3.00 to $7.00. Roth Mkm currently has a buy rating on the stock. D-Wave Quantum traded as high as $4.38 and last traded at $4.22. 22,813,051 shares changed hands during trading, an increase of 188% from the average session volume of 7,914,063 shares. The stock had previously closed at $3.91.

A number of other equities analysts have also commented on QBTS. 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. B. Riley raised their target price 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $3.71.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm's stock in a transaction dated 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 completion of the sale, the insider now directly owns 1,000,000 shares of the company's stock, valued at $4,210,000. This trade represents a 89.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 7.22% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in D-Wave Quantum by 17.9% in the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company's stock worth $2,183,000 after purchasing an additional 162,688 shares in the last quarter. Baader Bank Aktiengesellschaft bought a new stake in shares of D-Wave Quantum during the 2nd quarter worth about $28,000. Bank of New York Mellon Corp bought a new stake in shares of D-Wave Quantum during the 2nd quarter worth about $251,000. Instrumental Wealth LLC increased its holdings in shares of D-Wave Quantum by 85.9% during the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company's stock valued at $62,000 after acquiring an additional 25,067 shares during the last quarter. Finally, Rhumbline Advisers bought a new position in shares of D-Wave Quantum in the 2nd quarter valued at approximately $93,000. Institutional investors and hedge funds own 42.47% of the company's stock.

D-Wave Quantum Trading Up 27.7 %

The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of -10.05 and a beta of 1.79. The company has a fifty day moving average of $1.91 and a two-hundred day moving average of $1.35.

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.