D-Wave Quantum (NYSE:QBTS) Trading 2.9% Higher – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded up 2.9% on Wednesday . The stock traded as high as $10.50 and last traded at $8.64. 93,603,545 shares changed hands during trading, an increase of 855% from the average session volume of 9,796,885 shares. The stock had previously closed at $8.40.

Wall Street Analysts Forecast Growth

QBTS has been the subject of a number of research analyst reports. B. Riley lifted their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Roth Mkm upped their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note 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 note on Friday, November 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $3.71.

D-Wave Quantum Stock Performance

The firm has a 50-day moving average of $2.53 and a 200-day moving average of $1.55. The firm has a market capitalization of $1.43 billion, a P/E ratio of -15.17 and a beta of 1.79.

Insider Transactions at D-Wave Quantum

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

Institutional Trading of D-Wave Quantum

Several large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp bought a new position in D-Wave Quantum in the second quarter worth $251,000. Instrumental Wealth LLC increased its stake in shares of D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after acquiring an additional 25,067 shares in the last quarter. Rhumbline Advisers bought a new position in shares of D-Wave Quantum in the 2nd quarter worth about $93,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum during the 2nd quarter valued at about $45,000. Finally, XTX Topco Ltd bought a new stake in D-Wave Quantum during the second quarter worth about $163,000. 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.