D-Wave Quantum (NYSE:QBTS) Stock Price Up 5.2% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shot up 5.2% during mid-day trading on Monday . The company traded as high as $9.35 and last traded at $8.80. 43,184,045 shares traded hands during mid-day trading, an increase of 39% from the average session volume of 30,992,161 shares. The stock had previously closed at $8.36.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on QBTS shares. B. Riley boosted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Roth Mkm increased their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Craig Hallum upped 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, Benchmark reissued a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Price Performance

The stock has a fifty day simple moving average of $6.31 and a 200-day simple moving average of $4.22. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of -20.26 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to analysts’ expectations of $2.23 million. As a group, equities analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 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 transaction of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the completion of the sale, the insider now owns 37,278,688 shares in the company, valued at approximately $228,891,144.32. This trade represents a 6.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,071,206 shares of company stock worth $46,758,181 in the last 90 days. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently bought and sold shares of QBTS. Barclays PLC grew its holdings in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after buying an additional 89,894 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in D-Wave Quantum by 40.9% in the 4th quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company’s stock valued at $1,845,000 after acquiring an additional 63,799 shares during the last quarter. Silverleafe Capital Partners LLC purchased a new position in D-Wave Quantum in the 4th quarter worth approximately $820,000. Truist Financial Corp acquired a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $108,000. Finally, Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $488,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.