D-Wave Quantum (NYSE:QBTS) Shares Up 6.1% – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded up 6.1% during mid-day trading on Thursday . The stock traded as high as $7.48 and last traded at $6.94. 48,614,222 shares were traded during trading, a decline of 43% from the average session volume of 85,345,672 shares. The stock had previously closed at $6.54.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. 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 note on Friday, December 20th. Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Roth Mkm upped their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, B. Riley raised their price target on shares of D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $6.71.

D-Wave Quantum Trading Up 5.8 %

The company has a market cap of $1.86 billion, a price-to-earnings ratio of -16.48 and a beta of 1.10. The firm has a 50-day moving average price of $6.70 and a 200 day moving average price of $3.27.

Insiders Place Their Bets

In related news, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction 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 $12,343,436.16. The trade was a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the sale, the insider now directly owns 1,000,000 shares in the company, valued at $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,152,665 shares of company stock valued at $92,096,075 over the last 90 days. 7.22% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

A number of large investors have recently modified their holdings of the company. Summit Investment Advisors Inc. increased its position in D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 shares during the period. Invesco Ltd. increased its holdings in shares of D-Wave Quantum by 5.1% during the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock valued at $358,000 after purchasing an additional 2,051 shares during the period. Corebridge Financial Inc. raised its stake in shares of D-Wave Quantum by 5.0% during the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock valued at $413,000 after purchasing an additional 2,342 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum in the fourth quarter worth about $26,000. Finally, Steward Partners Investment Advisory LLC grew its position in D-Wave Quantum by 38.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock valued at $110,000 after buying an additional 3,660 shares in the last quarter. Institutional investors and hedge funds 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.