D-Wave Quantum (NYSE:QBTS) Shares Up 3% – Still a Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded up 3% on Friday . The company traded as high as $8.22 and last traded at $7.61. 48,368,237 shares traded hands during trading, a decline of 44% from the average session volume of 86,010,500 shares. The stock had previously closed at $7.39.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Craig Hallum boosted their target price 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 issued a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley lifted their price target on D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Roth Mkm lifted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Finally, Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday, January 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum presently has an average rating of “Buy” and a consensus target price of $6.71.

D-Wave Quantum Price Performance

The stock has a 50 day moving average of $6.77 and a 200 day moving average of $3.30. The firm has a market cap of $1.97 billion, a P/E ratio of -17.33 and a beta of 1.10.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s 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 transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade 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 worth $92,096,075 in the last 90 days. 7.22% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum in the third quarter valued at $42,000. Bogart Wealth LLC acquired a new position in D-Wave Quantum during the 3rd quarter worth approximately $49,000. Penserra Capital Management LLC grew its holdings in shares of D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares during the period. State Street Corp lifted its stake in shares of D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares during the period. Finally, Barclays PLC raised its position in D-Wave Quantum by 298.3% in 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 during the period. 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.