D-Wave Quantum (NYSE:QBTS) Trading 2.9% Higher – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded up 2.9% during mid-day trading on Wednesday . The stock traded as high as $10.50 and last traded at $8.64. 93,603,545 shares traded hands during mid-day trading, an increase of 855% from the average session volume of 9,796,885 shares. The stock had previously closed at $8.40.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Roth Mkm upped their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. B. Riley upped their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum currently has an average rating of “Buy” and an average price target of $3.71.

D-Wave Quantum Stock Performance

The business’s fifty day moving average price is $2.53 and its 200-day moving average price is $1.55. The stock has a market cap of $1.43 billion, a PE ratio of -15.17 and a beta of 1.79.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 7.22% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum in the 3rd quarter worth $42,000. Thoroughbred Financial Services LLC bought a new stake in D-Wave Quantum during the second quarter valued at about $45,000. Bogart Wealth LLC purchased a new stake in D-Wave Quantum in the third quarter worth about $49,000. Instrumental Wealth LLC raised its stake in shares of D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after buying an additional 25,067 shares during the period. Finally, Rhumbline Advisers purchased a new stake in D-Wave Quantum in the 2nd quarter worth approximately $93,000. 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.