D-Wave Quantum (NYSE:QBTS) Stock Price Up 0.5% – Should You Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) rose 0.5% during trading on Wednesday . The stock traded as high as $5.40 and last traded at $5.35. Approximately 11,913,600 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 79,530,063 shares. The stock had previously closed at $5.32.

Analyst Ratings Changes

QBTS has been the subject of a number of research analyst reports. B. Riley lifted their price objective on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 14th. Benchmark reiterated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. Needham & Company LLC restated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Craig Hallum upped their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Roth Mkm raised their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $6.71.

D-Wave Quantum Price Performance

The business has a fifty day simple moving average of $6.40 and a two-hundred day simple moving average of $3.64. The company has a market cap of $1.40 billion, a PE ratio of -12.37 and a beta of 1.12.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the sale, the insider now owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This trade represents a 89.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, 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 sold 20,152,665 shares of company stock worth $92,096,075 in the last three months. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. boosted its stake in D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after purchasing an additional 3,624,407 shares in the last quarter. Penserra Capital Management LLC raised its holdings in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock worth $24,992,000 after buying an additional 418,468 shares during the period. Bank of America Corp DE grew its holdings in shares of D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after buying an additional 2,497,263 shares during the last quarter. Finally, UNICOM Systems Inc. acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at $20,258,000. Institutional investors and hedge funds 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.