D-Wave Quantum Shares Surge Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) saw a significant increase in its stock price, jumping 7.9% during mid-day trading on Friday after Roth MKM upgraded the company. The brokerage raised its price target from $3.00 to $7.00, maintaining a buy rating for the stock. During the day, shares of D-Wave Quantum reached a peak of $4.38 before settling at $4.22. Notably, 22,813,051 shares changed hands, which represents a staggering 188% rise compared to the average trading volume of 7,914,063 shares. The stock had closed the previous day at $3.91.

Other investment analysts have also recently provided insights on QBTS. For instance, B. Riley raised its price target for D-Wave Quantum from $3.75 to $4.50, reaffirming a buy rating in a report issued on November 25. Meanwhile, Needham & Company LLC reiterated its buy rating, setting a target price of $2.25 as of November 15. A total of six analysts currently have a buy rating for the stock, and according to MarketBeat data, the stock carries a consensus buy rating along with an average price target of $3.71.

Insider Selling Activity

In additional news, a significant insider transaction was recorded. On December 12, a major shareholder, Sector Pension Investment, sold 8,437,593 shares of D-Wave Quantum at an average price of $4.21, totaling approximately $35.5 million. Following this sale, the insider's remaining ownership dropped to 1,000,000 shares, valued around $4.21 million. This transaction is a notable decrease, representing an 89.4% reduction in ownership. Official filings regarding this transaction are available through the SEC.

Changes in Institutional Holdings

Recent activities from institutional investors and hedge funds have also impacted D-Wave Quantum’s stock. Penserra Capital Management LLC increased its stake in the company by 23% during the third quarter, now holding 4,485,777 shares valued at about $4.41 million. Geode Capital Management LLC raised its stake by 33.8% during the same period, owning 2,555,927 shares worth approximately $2.51 million after acquiring an additional 645,039 shares. Furthermore, State Street Corp boosted its holdings slightly by 0.9%, increasing its total to 2,020,977 shares valued at around $1.99 million. Vanguard Group Inc. also lifted its position by 17.9%, bringing its total to 1,070,337 shares worth about $2.18 million. Overall, about 42.47% of D-Wave Quantum’s stock is now held by institutional investors and hedge funds.

Stock Performance Overview

D-Wave Quantum's stock has shown considerable growth, with a total increase of 27.9%. The company’s fifty-day moving average stands at $1.99, and its two-hundred-day moving average is $1.38. Currently, D-Wave Quantum has a market capitalization of $1.12 billion, a negative price-to-earnings ratio of -11.90, and a beta value of 1.79.

About D-Wave Quantum

D-Wave Quantum Inc. specializes in developing and delivering quantum computing systems, software, and services on a global scale. The company’s offerings include the Advantage, a fifth-generation quantum computer, and the Ocean suite of open-source Python tools. Moreover, D-Wave provides Leap, a cloud-based service that grants real-time access to a live quantum computer, hybrid solvers, the Ocean software development kit, demos, learning resources, and an active developer community.

D-Wave, Quantum, Stocks