D-Wave Quantum (NYSE:QBTS) Sees Strong Trading Volume – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares saw unusually-high trading volume on Thursday . Approximately 28,195,002 shares traded hands during trading, an increase of 172% from the previous session’s volume of 10,358,163 shares.The stock last traded at $7.77 and had previously closed at $8.96.

Wall Street Analysts Forecast Growth

Several research firms have commented on QBTS. Roth Mkm raised their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark increased their price target on D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday. B. Riley boosted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Craig Hallum raised their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum has an average rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Stock Performance

The stock has a market cap of $1.44 billion, a price-to-earnings ratio of -15.33 and a beta of 1.79. The company’s 50 day simple moving average is $2.64 and its two-hundred day simple moving average is $1.59.

Insider Activity

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 shares were 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 $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 7.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently modified their holdings of QBTS. Penserra Capital Management LLC increased its position in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares during the period. Squarepoint Ops LLC acquired a new stake in D-Wave Quantum in the 2nd quarter worth $163,000. Bank of New York Mellon Corp bought a new position in shares of D-Wave Quantum during the 2nd quarter worth about $251,000. Thoroughbred Financial Services LLC acquired a new position in shares of D-Wave Quantum during the second quarter valued at about $45,000. Finally, Marshall Wace LLP bought a new stake in shares of D-Wave Quantum in the second quarter valued at about $265,000. 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.