D-Wave Quantum (NYSE:QBTS) Trading Up 11.9% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares were up 11.9% during mid-day trading on Friday . The stock traded as high as $6.39 and last traded at $6.31. Approximately 37,408,643 shares were traded during trading, a decline of 62% from the average daily volume of 99,151,547 shares. The stock had previously closed at $5.64.

Wall Street Analyst Weigh In

QBTS has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum boosted their price objective 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. Benchmark reiterated 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 upped their price target on D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Finally, Roth Mkm upped their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Trading Up 8.0 %

The company’s fifty day simple moving average is $5.97 and its 200-day simple moving average is $2.77. The stock has a market cap of $1.64 billion, a P/E ratio of -14.53 and a beta of 1.16.

Insider Buying and Selling

In other news, CFO John M. Markovich sold 5,582 shares of the business’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 value of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. The trade was a 0.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total value of $3,135,627.42. Following the sale, the insider now owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock valued at $92,096,075 over the last quarter. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in QBTS. Marshall Wace LLP acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth approximately $265,000. Squarepoint Ops LLC bought a new stake in shares of D-Wave Quantum in the 2nd quarter valued at $163,000. SG Americas Securities LLC bought a new position in D-Wave Quantum during the third quarter worth about $42,000. Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum in the third quarter worth about $49,000. Finally, Penserra Capital Management LLC lifted its holdings 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 valued at $4,409,000 after purchasing an additional 839,942 shares in the last quarter. 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.