D-Wave Quantum (NYSE:QBTS) Shares Up 4.4% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shot up 4.4% during trading on Wednesday . The company traded as high as $6.20 and last traded at $6.31. 13,242,547 shares were traded during mid-day trading, a decline of 84% from the average session volume of 83,931,039 shares. The stock had previously closed at $6.04.

Analyst Ratings Changes

A number of brokerages recently weighed in on QBTS. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Craig Hallum lifted their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Benchmark reissued a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. B. Riley lifted their target price on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum has an average rating of “Buy” and an average price target of $6.71.

D-Wave Quantum Price Performance

The stock has a market capitalization of $1.83 billion, a PE ratio of -16.22 and a beta of 1.10. The stock’s fifty day moving average is $6.65 and its 200-day moving average is $3.25.

Insider Transactions at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction dated 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 $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. The trade was a 0.52 % decrease in their ownership of the stock. 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 in the last ninety days. 7.22% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum in the third quarter valued at about $42,000. Bogart Wealth LLC purchased a new position in shares of D-Wave Quantum during the 3rd quarter worth $49,000. Penserra Capital Management LLC increased its position in shares of 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 purchasing an additional 839,942 shares during the last quarter. State Street Corp raised its holdings 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 buying an additional 17,225 shares during the period. Finally, Barclays PLC lifted 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 buying an additional 89,894 shares during the last quarter. 42.47% of the stock is 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.