D-Wave Quantum (NYSE:QBTS) Stock Price Up 8.8% on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) shares traded up 8.8% during trading on Monday after Roth Mkm raised their price target on the stock from $7.00 to $10.00. Roth Mkm currently has a buy rating on the stock. D-Wave Quantum traded as high as $11.39 and last traded at $11.05. 106,051,759 shares were traded during trading, an increase of 273% from the average session volume of 28,448,333 shares. The stock had previously closed at $10.15.

Several other analysts have also issued reports on QBTS. Craig Hallum upped their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. B. Riley lifted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday. Needham & Company LLC reissued a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a research note on Friday. Finally, Benchmark reissued a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research note on Friday. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum presently has an average rating of “Buy” and a consensus price target of $8.42.

Insider Transactions at D-Wave Quantum

In other news, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,071,206 shares of company stock valued at $53,438,181 in the last quarter. 7.22% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently bought and sold shares of QBTS. Barclays PLC increased its position 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 during the last quarter. Silverleafe Capital Partners LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $820,000. Truist Financial Corp purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $108,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $488,000. Finally, Jones Financial Companies Lllp increased its position in shares of D-Wave Quantum by 341.7% during the 4th quarter. Jones Financial Companies Lllp now owns 23,688 shares of the company’s stock valued at $199,000 after purchasing an additional 18,325 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Performance

The stock has a market cap of $2.94 billion, a PE ratio of -26.17 and a beta of 1.12. The company’s 50-day moving average price is $6.07 and its 200 day moving average price is $3.91.

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.