D-Wave Quantum (NYSE:QBTS) Shares Up 13.4% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shot up 13.4% during trading on Thursday . The stock traded as high as $6.95 and last traded at $6.60. 58,663,064 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 75,818,148 shares. The stock had previously closed at $5.82.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on QBTS. Benchmark reissued a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a report on Friday. Roth Mkm upped their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday. B. Riley upped their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday. Craig Hallum upped their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a report on Friday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum has a consensus rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Up 47.4 %

The firm has a market cap of $2.74 billion, a price-to-earnings ratio of -24.25 and a beta of 1.12. The company’s 50-day moving average price is $6.07 and its 200-day moving average price is $3.86.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the firm’s stock in a transaction that occurred on 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 legal filing with the SEC, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,071,206 shares of company stock valued at $53,438,181 over the last 90 days. 7.22% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in D-Wave Quantum by 103.7% in the fourth 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. Bank of America Corp DE increased its stake in D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after purchasing an additional 2,497,263 shares during the last quarter. UNICOM Systems Inc. purchased a new position in D-Wave Quantum in the fourth quarter valued at approximately $20,258,000. Penserra Capital Management LLC increased its stake in D-Wave Quantum by 23.0% in the third 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. Finally, Geode Capital Management LLC increased its stake in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares during the last quarter. Institutional investors and hedge funds 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.