D-Wave Quantum (NYSE:QBTS) Shares Up 6.9% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price rose 6.9% during trading on Monday . The company traded as high as $10.45 and last traded at $9.77. Approximately 41,465,284 shares were traded during trading, a decline of 23% from the average daily volume of 54,038,090 shares. The stock had previously closed at $9.14.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Benchmark boosted their price objective on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC restated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum increased their price objective 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 boosted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Finally, B. Riley raised their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Stock Down 36.1 %

The stock’s fifty day simple moving average is $4.54 and its 200 day simple moving average is $2.26. The firm has a market capitalization of $1.64 billion, a PE ratio of -14.52 and a beta of 1.16.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction that occurred 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 owns 1,000,000 shares of the company’s stock, valued at $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 10,081,459 shares of company stock worth $45,337,894 in the last three months. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the company. Thoroughbred Financial Services LLC purchased a new position in shares of D-Wave Quantum during the 2nd quarter valued at $45,000. SG Americas Securities LLC purchased a new position in shares of D-Wave Quantum in the third quarter valued at about $42,000. Bogart Wealth LLC purchased a new position in shares of D-Wave Quantum in the third quarter valued at about $49,000. Rhumbline Advisers bought a new position in shares of D-Wave Quantum in the second quarter worth about $93,000. Finally, Silverleafe Capital Partners LLC bought a new stake in D-Wave Quantum during the 4th quarter valued at approximately $820,000. 42.47% of the stock is owned by hedge funds and other 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.