D-Wave Quantum (NYSE:QBTS) Trading 0.8% Higher – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was up 0.8% during trading on Wednesday . The stock traded as high as $6.48 and last traded at $6.27. Approximately 9,973,855 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 32,784,197 shares. The stock had previously closed at $6.22.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Craig Hallum increased 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. Roth Mkm boosted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. B. Riley lifted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Stock Up 0.6 %

The company has a fifty day moving average price of $6.87 and a 200 day moving average price of $4.89. The stock has a market cap of $2.11 billion, a PE ratio of -17.25 and a beta of 0.88.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to analyst estimates of $2.23 million. As a group, research analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the company’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 of the company’s stock, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This represents 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 7,292,642 shares of company stock valued at $29,697,798 in the last quarter. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in D-Wave Quantum by 103.7% during the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after acquiring an additional 3,624,407 shares in the last quarter. Bank of America Corp DE raised its holdings in D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after acquiring an additional 2,497,263 shares during the last quarter. UNICOM Systems Inc. purchased a new stake in D-Wave Quantum during the 4th quarter valued at $20,258,000. Geode Capital Management LLC increased its holdings in shares of D-Wave Quantum by 33.8% in the 3rd 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. Finally, Raymond James Financial Inc. bought a new position in shares of D-Wave Quantum during the fourth quarter valued at $2,087,000. 42.47% of the stock is currently owned by institutional investors.

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.