D-Wave Quantum (NYSE:QBTS) Stock Price Up 0.6% – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS) rose 0.6% on Wednesday . The company traded as high as $5.89 and last traded at $5.41. Approximately 17,830,872 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 75,163,602 shares. The stock had previously closed at $5.38.

Wall Street Analyst Weigh In

QBTS has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 price objective on shares of D-Wave Quantum in a research note on Friday. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday. Craig Hallum upped their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Roth Mkm upped their price objective 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, B. Riley upped their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum has a consensus rating of “Buy” and a consensus target price of $7.92.

D-Wave Quantum Price Performance

The company has a market capitalization of $2.31 billion, a PE ratio of -20.18 and a beta of 1.12. The business has a 50-day moving average of $6.05 and a 200 day moving average of $3.80.

Insider Buying and Selling

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the company’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 transaction 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. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO John M. Markovich sold 5,582 shares of the company’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 value of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,071,206 shares of company stock worth $53,438,181. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC raised its position in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares during the period. Silverleafe Capital Partners LLC purchased a new stake in D-Wave Quantum during the fourth quarter valued at approximately $820,000. Truist Financial Corp purchased a new stake in D-Wave Quantum during the fourth quarter valued at approximately $108,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in D-Wave Quantum during the fourth quarter valued at approximately $488,000. Finally, Stephens Inc. AR purchased a new stake in D-Wave Quantum during the fourth quarter valued at approximately $494,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.