D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price was up 0.2% during trading on Tuesday . The stock traded as high as $8.54 and last traded at $8.17. Approximately 31,084,987 shares were traded during trading, an increase of 166% from the average daily volume of 11,696,327 shares. The stock had previously closed at $8.15.

A number of equities research analysts recently commented on QBTS shares. Benchmark raised their price objective on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a "buy" rating in a research report on Friday. B. Riley raised their price target on D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a report on Monday, November 25th. Roth Mkm boosted their target price 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. Needham & Company LLC reiterated a "buy" rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Craig Hallum upped their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research report on Friday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $5.63.

Read Our Latest Research Report on D-Wave Quantum

The stock's 50 day moving average price is $2.78 and its 200 day moving average price is $1.64. The company has a market cap of $1.78 billion, a price-to-earnings ratio of -18.93 and a beta of 1.79.

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm's stock in a transaction on 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 transaction, the insider now owns 1,000,000 shares of the company's stock, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 10,081,459 shares of company stock worth $45,337,894 over the last three months. 7.22% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of QBTS. State Street Corp grew its stake in shares of D-Wave Quantum by 0.9% during 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 in the last quarter. Thoroughbred Financial Services LLC acquired a new stake in D-Wave Quantum during the 2nd quarter valued at approximately $45,000. SG Americas Securities LLC acquired a new stake in D-Wave Quantum during the 3rd quarter valued at approximately $42,000. Bogart Wealth LLC purchased a new stake in D-Wave Quantum during the 3rd quarter worth approximately $49,000. Finally, Rhumbline Advisers purchased a new position in shares of D-Wave Quantum during the 2nd quarter valued at approximately $93,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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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