D-Wave Quantum (NYSE:QBTS) Trading Up 14% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price rose 14% on Friday . The stock traded as high as $6.86 and last traded at $6.88. Approximately 52,471,384 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 109,127,320 shares. The stock had previously closed at $6.03.

Wall Street Analyst Weigh In

QBTS has been the subject of several analyst reports. Craig Hallum upped 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. Benchmark reissued a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. Roth Mkm raised their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. B. Riley raised their price target on D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $6.38.

D-Wave Quantum Price Performance

The firm has a 50-day simple moving average of $5.56 and a two-hundred day simple moving average of $2.62. The company has a market cap of $1.73 billion, a PE ratio of -15.32 and a beta of 1.16.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the sale, the insider now owns 30,000,000 shares of the company’s stock, valued at $122,100,000. The trade was a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 20,138,711 shares of company stock valued at $92,022,537. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in QBTS. Barclays PLC boosted its holdings in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after acquiring an additional 89,894 shares during the last quarter. Silverleafe Capital Partners LLC acquired a new position in D-Wave Quantum in the fourth quarter valued at $820,000. Geode Capital Management LLC boosted its holdings 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 acquiring an additional 645,039 shares during the last quarter. State Street Corp boosted its holdings in D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its holdings 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 acquiring an additional 839,942 shares during the last quarter. 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.