D-Wave Quantum (NYSE:QBTS) Stock Price Up 41.3% on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) traded up 41.3% during trading on Friday after B. Riley raised their price target on the stock from $11.00 to $12.00. B. Riley currently has a buy rating on the stock. D-Wave Quantum traded as high as $9.85 and last traded at $9.76. 112,421,459 shares traded hands during mid-day trading, an increase of 45% from the average session volume of 77,703,945 shares. The stock had previously closed at $6.91.

QBTS has been the topic of several other reports. Roth Mkm lifted 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 report on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a research report on Friday. Craig Hallum lifted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Benchmark reissued a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research report on Friday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum has an average rating of “Buy” and an average target price of $7.92.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the firm’s stock in a transaction on 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 filing with the SEC, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This 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 sold 11,071,206 shares of company stock valued at $53,438,181. 7.22% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

Institutional investors have recently bought and sold shares of the company. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum during the fourth quarter worth $26,000. PNC Financial Services Group Inc. bought a new position in shares of D-Wave Quantum during the 4th quarter worth about $38,000. Heritage Wealth Advisors bought a new position in shares of D-Wave Quantum during the 4th quarter worth about $67,000. Kingsview Wealth Management LLC acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $84,000. Finally, Summit Investment Advisors Inc. increased its position in D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after buying an additional 1,766 shares in the last quarter. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Performance

The business has a 50 day moving average of $6.05 and a two-hundred day moving average of $3.80. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of -23.18 and a beta of 1.12.

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.