D-Wave Quantum (NYSE:QBTS) Trading Up 2% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shot up 2% during mid-day trading on Wednesday . The company traded as high as $6.00 and last traded at $5.90. 24,905,565 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 94,422,289 shares. The stock had previously closed at $5.78.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. B. Riley increased their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. 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. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Craig Hallum increased their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, Roth Mkm boosted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum presently has an average rating of “Buy” and a consensus price target of $6.38.

D-Wave Quantum Stock Performance

The company has a market cap of $1.56 billion, a PE ratio of -13.80 and a beta of 1.10. The company has a fifty day moving average of $6.28 and a two-hundred day moving average of $2.94.

Insider Activity

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the completion of the sale, the insider now directly owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This trade represents a 3.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. 7.22% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently bought and sold shares of the business. Steward Partners Investment Advisory LLC grew its position in shares of D-Wave Quantum by 38.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock worth $110,000 after buying an additional 3,660 shares during the last quarter. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum in the fourth quarter valued at approximately $38,000. Kingsview Wealth Management LLC purchased a new position in D-Wave Quantum in the fourth quarter worth $84,000. Victory Capital Management Inc. increased its position in shares of D-Wave Quantum by 55.1% during the fourth quarter. Victory Capital Management Inc. now owns 29,399 shares of the company’s stock worth $247,000 after purchasing an additional 10,444 shares in the last quarter. Finally, Spire Wealth Management purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at $90,000. 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.