D-Wave Quantum (NYSE:QBTS) Shares Up 2% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded up 2% during trading on Wednesday . The stock traded as high as $6.00 and last traded at $5.90. 24,905,565 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 94,422,289 shares. The stock had previously closed at $5.78.

Analyst Ratings Changes

A number of research analysts recently issued reports on QBTS shares. B. Riley raised their price target on D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Needham & Company LLC reissued a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum upped their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Roth Mkm lifted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum has an average rating of “Buy” and a consensus target price of $6.38.

D-Wave Quantum Stock Up 11.0 %

The company has a market cap of $1.73 billion, a P/E ratio of -15.20 and a beta of 1.10. The stock’s 50-day moving average price is $6.15 and its 200 day moving average price is $2.89.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,152,665 shares of company stock valued at $92,096,075 over the last three months. 7.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC boosted its stake in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares in the last quarter. Silverleafe Capital Partners LLC bought a new stake in D-Wave Quantum in the 4th quarter valued at about $820,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of D-Wave Quantum in the 4th quarter worth $488,000. Geode Capital Management LLC grew its holdings in 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 buying an additional 645,039 shares in the last quarter. Finally, State Street Corp grew its stake in 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 purchasing an additional 17,225 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Company Profile

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.