D-Wave Quantum (NYSE:QBTS) Trading Up 10.8% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares shot up 10.8% during mid-day trading on Wednesday . The stock traded as high as $6.00 and last traded at $5.91. 26,157,515 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 87,634,469 shares. The stock had previously closed at $5.33.

Wall Street Analysts Forecast Growth

QBTS has been the topic of a number of recent research reports. Roth Mkm upped 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 note on Thursday, December 12th. Benchmark reiterated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. B. Riley boosted their target price on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Needham & Company LLC restated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, 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 research report on Friday, December 20th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Trading Up 11.9 %

The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of -14.18 and a beta of 1.10. The company’s 50 day moving average is $6.45 and its 200 day moving average is $3.06.

Insider Transactions at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction 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 transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John M. Markovich sold 5,582 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,152,665 shares of company stock worth $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after purchasing an additional 3,624,407 shares during the last quarter. Penserra Capital Management LLC raised its position in D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the last quarter. Geode Capital Management LLC raised 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 purchasing an additional 645,039 shares in the last quarter. UNICOM Systems Inc. acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $20,258,000. Finally, State Street Corp lifted its holdings in D-Wave Quantum by 0.9% in 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 during the period. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.