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

D-Wave Quantum Inc. (NYSE:QBTS) 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.

A number of other equities research analysts also recently issued reports on QBTS. Needham & Company LLC reissued a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley raised their price target on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Roth Mkm boosted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, Craig Hallum boosted 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. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $5.63.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the transaction, the insider now directly owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently modified their holdings of QBTS. State Street Corp boosted its holdings in D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum during the second quarter worth $45,000. SG Americas Securities LLC bought a new position in D-Wave Quantum during the third quarter worth $42,000. Bogart Wealth LLC acquired a new position in D-Wave Quantum in the third quarter valued at $49,000. Finally, Rhumbline Advisers acquired a new position in D-Wave Quantum in the second quarter valued at $93,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 11.5 %

The stock’s 50-day simple moving average is $2.64 and its 200 day simple moving average is $1.59. The firm has a market cap of $1.61 billion, a P/E ratio of -17.10 and a beta of 1.79.

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.