D-Wave Quantum (NYSE:QBTS) Stock Price Up 5.4% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price rose 5.4% during trading on Friday . The stock traded as high as $6.76 and last traded at $6.43. Approximately 48,306,420 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 85,320,625 shares. The stock had previously closed at $6.10.

Wall Street Analysts Forecast Growth

QBTS has been the subject of a number of recent analyst reports. Benchmark lifted their target price on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm upped 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. B. Riley lifted their price target on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, 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 report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $5.63.

D-Wave Quantum Trading Up 1.1 %

The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of -14.69 and a beta of 1.16. The firm has a 50-day simple moving average of $4.74 and a two-hundred day simple moving average of $2.31.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the transaction, the insider now owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 10,081,459 shares of company stock worth $45,337,894. 7.22% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new position in D-Wave Quantum in the 3rd quarter valued at about $42,000. Thoroughbred Financial Services LLC acquired a new position in shares of D-Wave Quantum during the second quarter valued at approximately $45,000. Bogart Wealth LLC purchased a new position in shares of D-Wave Quantum in the third quarter valued at approximately $49,000. Rhumbline Advisers acquired a new stake in shares of D-Wave Quantum in the second quarter worth approximately $93,000. Finally, Barclays PLC boosted its stake in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the last quarter. 42.47% of the stock is currently 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.