D-Wave Quantum (NYSE:QBTS) Stock Price Up 12.7% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price rose 12.7% during trading on Tuesday . The stock traded as high as $9.42 and last traded at $8.15. Approximately 95,119,793 shares traded hands during mid-day trading, an increase of 941% from the average daily volume of 9,141,137 shares. The stock had previously closed at $7.23.

Analyst Upgrades and Downgrades

QBTS has been the subject of a number of recent research reports. B. Riley raised their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Roth Mkm raised their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. 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 research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $3.71.

D-Wave Quantum Stock Performance

The firm’s 50 day simple moving average is $2.11 and its 200-day simple moving average is $1.42. The company has a market cap of $1.83 billion, a price-to-earnings ratio of -19.40 and a beta of 1.79.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of QBTS. Penserra Capital Management LLC increased its stake in D-Wave Quantum by 23.0% during the third 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 period. Geode Capital Management LLC grew its position in shares of 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 buying an additional 645,039 shares in the last quarter. State Street Corp grew its position in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares in the last quarter. Vanguard Group Inc. grew its position in shares of D-Wave Quantum by 17.9% during the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after buying an additional 162,688 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of D-Wave Quantum during the second quarter worth about $265,000. 42.47% of the stock is currently owned by hedge funds and other 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.