D-Wave Quantum (NYSE:QBTS) Sees Strong Trading Volume After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) shares saw unusually-high trading volume on Wednesday after B. Riley raised their price target on the stock from $4.50 to $9.00. B. Riley currently has a buy rating on the stock. Approximately 72,462,601 shares were traded during trading, a decline of 24% from the previous session’s volume of 94,879,875 shares.The stock last traded at $6.14 and had previously closed at $4.73.

A number of other equities research analysts have also weighed in on QBTS. Craig Hallum boosted their price objective 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 restated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Roth Mkm raised their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum presently has a consensus rating of “Buy” and a consensus price target of $6.38.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, the insider now directly owns 1,000,000 shares in the company, valued at $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 20,138,711 shares of company stock worth $92,022,537 over the last three months. Company insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently made changes to their positions in QBTS. SG Americas Securities LLC acquired a new position in D-Wave Quantum during the 3rd quarter worth $42,000. Thoroughbred Financial Services LLC bought a new stake in D-Wave Quantum during the 2nd quarter valued at $45,000. Bogart Wealth LLC bought a new position in shares of D-Wave Quantum in the third quarter valued at approximately $49,000. Rhumbline Advisers bought a new position in shares of D-Wave Quantum during the 2nd quarter valued at about $93,000. Finally, Barclays PLC grew its stake in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Trading Up 31.1 %

The firm has a market capitalization of $1.67 billion, a P/E ratio of -14.76 and a beta of 1.16. The business’s fifty day moving average is $4.97 and its 200 day moving average is $2.41.

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.