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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) saw strong 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. 70,861,464 shares changed 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.

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

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the sale, the insider now directly owns 37,278,688 shares of the company’s stock, valued at approximately $228,891,144.32. This represents a 6.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This trade represents a 0.36 % 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 over the last three months. 7.22% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently modified their holdings of the stock. Penserra Capital Management LLC increased its holdings in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares in the last quarter. State Street Corp increased its stake in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after buying an additional 17,225 shares during the period. Barclays PLC increased 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 valued at $117,000 after buying an additional 89,894 shares during the period. Geode Capital Management LLC raised its position in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Finally, Silverleafe Capital Partners LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at $820,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Stock Up 38.9 %

The firm has a fifty day moving average of $6.05 and a 200-day moving average of $3.80. The firm 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.