D-Wave Quantum (NYSE:QBTS) Shares Up 1.8% After Analyst Upgrade

Shares of D-Wave Quantum Inc. (NYSE:QBTS) shot up 1.8% during mid-day trading on Friday after B. Riley raised their price target on the stock from $9.00 to $11.00. B. Riley currently has a buy rating on the stock. D-Wave Quantum traded as high as $6.80 and last traded at $6.62. 23,247,949 shares traded hands during trading, a decline of 73% from the average session volume of 86,168,219 shares. The stock had previously closed at $6.50.

A number of other equities research analysts also recently issued reports on QBTS. Needham & Company LLC reissued a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark reiterated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Roth Mkm increased their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Finally, Craig Hallum raised 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, December 20th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has an average rating of “Buy” and a consensus price target of $6.71.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the transaction, the insider now directly owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This trade represents a 3.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,152,665 shares of company stock worth $92,096,075. 7.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in QBTS. Ameritas Investment Partners Inc. boosted its stake in shares of D-Wave Quantum by 20.6% during the 4th quarter. Ameritas Investment Partners Inc. now owns 10,347 shares of the company’s stock worth $87,000 after acquiring an additional 1,766 shares in the last quarter. Invesco Ltd. boosted its position in shares of D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock valued at $358,000 after purchasing an additional 2,051 shares during the period. Corebridge Financial Inc. increased its stake in D-Wave Quantum by 5.0% in the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock worth $413,000 after purchasing an additional 2,342 shares in the last quarter. Steward Partners Investment Advisory LLC increased its stake in D-Wave Quantum by 38.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock worth $110,000 after purchasing an additional 3,660 shares in the last quarter. Finally, PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum during the 4th quarter worth about $38,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Stock Down 2.1 %

The business’s 50 day simple moving average is $6.56 and its 200 day simple moving average is $3.11. The company has a market capitalization of $1.71 billion, a PE ratio of -15.15 and a beta of 1.10.

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.