D-Wave Quantum (NYSE:QBTS) Trading 12.7% Higher – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price rose 12.7% during trading on Tuesday . The stock traded as high as $9.42 and last traded at $8.15. Approximately 95,119,793 shares traded hands during trading, an increase of 941% from the average daily volume of 9,141,137 shares. The stock had previously closed at $7.23.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on QBTS. B. Riley boosted their target price on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Roth Mkm boosted their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $3.71.

D-Wave Quantum Price Performance

The firm has a 50-day moving average of $2.42 and a 200-day moving average of $1.52. The stock has a market cap of $1.43 billion, a PE ratio of -15.17 and a beta of 1.79.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently bought and sold shares of QBTS. Barclays PLC lifted its holdings 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 acquiring an additional 89,894 shares during the last quarter. Geode Capital Management LLC lifted its stake in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after purchasing an additional 645,039 shares during the last quarter. State Street Corp boosted its position 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 buying an additional 17,225 shares during the period. Penserra Capital Management LLC grew its stake in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after buying an additional 839,942 shares during the last quarter. Finally, Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum in the third quarter worth approximately $49,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.