D-Wave Quantum (NYSE:QBTS) Trading 6.1% Higher – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares rose 6.1% during trading on Thursday . The stock traded as high as $7.48 and last traded at $6.94. Approximately 48,614,222 shares were traded during trading, a decline of 43% from the average daily volume of 85,345,672 shares. The stock had previously closed at $6.54.

Analyst Ratings Changes

QBTS has been the subject of several analyst reports. Benchmark reaffirmed a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. 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. Roth Mkm increased 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. B. Riley increased their target price on D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $6.71.

D-Wave Quantum Stock Performance

The firm has a market cap of $1.96 billion, a price-to-earnings ratio of -17.30 and a beta of 1.10. The business has a fifty day moving average of $6.82 and a two-hundred day moving average of $3.35.

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction 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 sale, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now 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 20,152,665 shares of company stock worth $92,096,075 in the last quarter. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in D-Wave Quantum by 103.7% during the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after buying an additional 3,624,407 shares during the last quarter. Penserra Capital Management LLC lifted its stake in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares during the period. Geode Capital Management LLC lifted its stake in shares of D-Wave Quantum by 16.4% during the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock worth $24,992,000 after purchasing an additional 418,468 shares during the period. Bank of America Corp DE lifted its stake in shares of D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after purchasing an additional 2,497,263 shares during the period. Finally, UNICOM Systems Inc. purchased a new position in shares of D-Wave Quantum during the 4th quarter worth $20,258,000. 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.