D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price was up 1.8% on Friday after B. Riley raised their price target on the stock from $9.00 to $11.00. B. Riley currently has a buy rating on the stock. D-Wave Quantum traded as high as $6.80 and last traded at $6.62. Approximately 23,247,949 shares changed hands during trading, a decline of 73% from the average daily volume of 86,168,219 shares. The stock had previously closed at $6.50.
Other research analysts have also issued research reports about the company. Craig Hallum boosted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Needham & Company LLC reaffirmed a "buy" rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Roth Mkm boosted their price target on 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, Benchmark reaffirmed a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum has a consensus rating of "Buy" and a consensus price target of $6.71.
Get Our Latest Research Report on QBTS
In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the business's stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the sale, the insider now directly owns 30,000,000 shares in the company, valued at $122,100,000. The trade was a 19.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the business's stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now owns 1,064,556 shares of the company's stock, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,152,665 shares of company stock worth $92,096,075. 7.22% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. boosted its stake in D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after purchasing an additional 3,624,407 shares during the period. UNICOM Systems Inc. bought a new stake in shares of D-Wave Quantum during the 4th quarter valued at $20,258,000. Penserra Capital Management LLC lifted its position in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after acquiring an additional 839,942 shares during the period. Geode Capital Management LLC lifted its position in shares of D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after acquiring an additional 645,039 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of D-Wave Quantum during the 4th quarter valued at $2,087,000. 42.47% of the stock is currently owned by institutional investors.
The business has a 50-day moving average price of $6.56 and a two-hundred day moving average price of $3.11. The stock has a market capitalization of $1.72 billion, a P/E ratio of -15.18 and a beta of 1.10.
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.
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