D-Wave Quantum (NYSE:QBTS) Trading 3% Higher – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS) rose 3% during trading on Friday . The company traded as high as $8.22 and last traded at $7.61. Approximately 48,368,237 shares traded hands during trading, a decline of 44% from the average daily volume of 86,010,500 shares. The stock had previously closed at $7.39.

Analyst Upgrades and Downgrades

QBTS has been the topic of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Craig Hallum lifted 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. Roth Mkm lifted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, B. Riley lifted their target price on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $6.71.

D-Wave Quantum Stock Performance

The stock has a market cap of $1.96 billion, a price-to-earnings ratio of -17.30 and a beta of 1.10. The company has a 50-day simple moving average of $6.82 and a two-hundred day simple moving average of $3.36.

Insiders Place Their Bets

In other news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum 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 completion of the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the transaction, the chief financial officer now 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. Insiders have sold 20,152,665 shares of company stock valued at $92,096,075 in the last 90 days. 7.22% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fourth Dimension Wealth LLC bought a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. bought a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $38,000. SG Americas Securities LLC bought a new position in shares of D-Wave Quantum during the 3rd quarter worth approximately $42,000. Heritage Wealth Advisors bought a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $67,000. Finally, Kingsview Wealth Management LLC bought a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $84,000. 42.47% of the stock is currently owned by 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.