D-Wave Quantum (NYSE:QBTS) Sees Strong Trading Volume – Should You Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) saw an uptick in trading volume on Thursday . 17,080,064 shares changed hands during trading, an increase of 33% from the previous session’s volume of 12,869,937 shares.The stock last traded at $8.63 and had previously closed at $8.40.

Wall Street Analyst Weigh In

A number of equities analysts have commented on QBTS shares. Roth Mkm lifted their price objective 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. B. Riley boosted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Craig Hallum raised their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Benchmark raised their price target on D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Trading Up 1.9 %

The stock has a 50 day moving average of $3.86 and a 200-day moving average of $2.01. The stock has a market capitalization of $1.92 billion, a P/E ratio of -20.38 and a beta of 1.79.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $6.68, for a total value of $6,680,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders sold 10,081,459 shares of company stock worth $45,337,894. 7.22% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

A number of large investors have recently modified their holdings of the company. Bank of New York Mellon Corp bought a new stake in shares of D-Wave Quantum in the second quarter valued at about $251,000. Rhumbline Advisers bought a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $93,000. Thoroughbred Financial Services LLC purchased a new stake in shares of D-Wave Quantum in the 2nd quarter worth approximately $45,000. XTX Topco Ltd bought a new position in shares of D-Wave Quantum during the second quarter valued at approximately $163,000. Finally, Marshall Wace LLP purchased a new position in D-Wave Quantum during the second quarter valued at approximately $265,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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.