D-Wave Quantum (NYSE:QBTS) Shares Up 10.8% – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS) 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 changed hands during trading, a decline of 70% from the average session volume of 87,634,469 shares. The stock had previously closed at $5.33.

Analysts Set New Price Targets

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

D-Wave Quantum Price Performance

The stock’s fifty day simple moving average is $6.51 and its two-hundred day simple moving average is $3.08.

Insider Buying and Selling

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $5,610,210.12. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the sale, the insider now directly owns 18,730,193 shares of the company’s stock, valued at $91,216,039.91. This represents a 3.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,152,665 shares of company stock worth $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum in the 4th quarter worth approximately $38,000. SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum in the third quarter worth $42,000. Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum in the third quarter worth $49,000. Heritage Wealth Advisors acquired a new stake in shares of D-Wave Quantum in the fourth quarter worth $67,000. Finally, Kingsview Wealth Management LLC acquired a new stake in shares of D-Wave Quantum in the fourth quarter worth $84,000. 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.