D-Wave Quantum (NYSE:QBTS) Sees Large Volume Increase on Analyst Upgrade

Shares of D-Wave Quantum Inc. (NYSE:QBTS) saw unusually-high trading volume 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. Approximately 70,861,464 shares traded hands during trading, a decline of 8% from the previous session’s volume of 76,752,141 shares.The stock last traded at $9.28 and had previously closed at $6.91.

Several other brokerages have also weighed in on QBTS. Needham & Company LLC restated a “buy” rating and issued a $8.50 price objective on shares of D-Wave Quantum in a report on Friday. Craig Hallum upped their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday. Finally, Roth Mkm boosted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $7.92.

Insider Activity at D-Wave Quantum

In other news, CFO John M. Markovich sold 5,582 shares of the stock in a transaction on 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 sale, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now owns 30,000,000 shares in the company, valued at $122,100,000. This represents a 19.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,071,206 shares of company stock worth $53,438,181 in the last quarter. 7.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of QBTS. Summit Investment Advisors Inc. lifted its stake in shares of 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 purchasing an additional 1,766 shares during the last quarter. Invesco Ltd. raised its stake 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 acquiring an additional 2,051 shares in the last quarter. Corebridge Financial Inc. lifted its holdings 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 during the last quarter. Fourth Dimension Wealth LLC bought a new stake in D-Wave Quantum during the fourth quarter worth approximately $26,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in D-Wave Quantum by 38.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock valued at $110,000 after purchasing an additional 3,660 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 38.9 %

The stock’s 50-day moving average price is $6.05 and its 200 day moving average price is $3.80. The company has a market cap of $2.58 billion, a P/E ratio of -22.84 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.