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

D-Wave Quantum Inc. (NYSE:QBTS) shares gapped up prior to trading on Monday after Benchmark raised their price target on the stock from $3.00 to $8.00. The stock had previously closed at $6.44, but opened at $8.02. Benchmark currently has a buy rating on the stock. D-Wave Quantum shares last traded at $7.18, with a volume of 37,915,410 shares changing hands.

Several other brokerages have also recently weighed in on QBTS. B. Riley raised their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Roth Mkm boosted their price target 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. Finally, Craig Hallum increased their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus target price of $5.63.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the sale, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 7.22% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new position in D-Wave Quantum in the 3rd quarter valued at about $42,000. Thoroughbred Financial Services LLC acquired a new position in shares of D-Wave Quantum in the second quarter valued at approximately $45,000. Bogart Wealth LLC bought a new position in shares of D-Wave Quantum during the third quarter worth approximately $49,000. Rhumbline Advisers acquired a new stake in D-Wave Quantum during the 2nd quarter worth approximately $93,000. Finally, Barclays PLC boosted its stake in D-Wave Quantum by 298.3% in 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 period. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Performance

The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of -17.10 and a beta of 1.79. The business has a fifty day simple moving average of $2.64 and a 200 day simple moving average of $1.59.

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.