D-Wave Quantum (NYSE:QBTS) Trading Up 3% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price shot up 3% on Friday . The company traded as high as $8.22 and last traded at $7.61. 48,368,237 shares were traded during mid-day trading, a decline of 44% from the average session volume of 86,010,500 shares. The stock had previously closed at $7.39.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on QBTS. Craig Hallum increased 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. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm upped their price objective 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. B. Riley boosted their target price on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Benchmark reiterated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Buy” and an average price target of $6.71.

D-Wave Quantum Price Performance

The firm has a market cap of $1.97 billion, a price-to-earnings ratio of -17.33 and a beta of 1.10. The firm’s fifty day moving average is $6.77 and its two-hundred day moving average is $3.30.

Insider Buying and Selling at D-Wave Quantum

In other news, CFO John M. Markovich sold 5,582 shares of the 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 of the company’s stock, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Alan E. Baratz sold 8,372 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 $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after purchasing an additional 3,624,407 shares during the last quarter. Penserra Capital Management LLC raised its position in D-Wave Quantum by 23.0% in 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 during the last quarter. Geode Capital Management LLC raised its position in shares of D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock worth $24,992,000 after acquiring an additional 418,468 shares during the last quarter. Bank of America Corp DE raised its position in shares of D-Wave Quantum by 4,912.4% during the fourth 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. Finally, UNICOM Systems Inc. bought a new stake in shares of D-Wave Quantum during the fourth quarter worth $20,258,000. Institutional investors own 42.47% of the company’s stock.

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.