D-Wave Quantum (NYSE:QBTS) Sees Unusually-High Trading Volume - Should You Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) saw unusually-high trading volume on Thursday . Approximately 15,842,585 shares were traded during mid-day trading, an increase of 34% from the previous session's volume of 11,811,614 shares.The stock last traded at $8.54 and had previously closed at $7.95.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. B. Riley lifted their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a research note on Monday, November 25th. Benchmark upped their target price on 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 set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm lifted their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a report on Thursday, December 12th. Finally, Craig Hallum increased their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $5.63.

D-Wave Quantum Stock Performance

The business has a 50 day moving average of $3.24 and a two-hundred day moving average of $1.79. The stock has a market capitalization of $2.22 billion, a PE ratio of -23.57 and a beta of 1.79.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the sale, the insider now owns 18,730,193 shares in the company, valued at $91,216,039.91. This represents a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have sold 10,081,459 shares of company stock valued at $45,337,894. Corporate insiders own 7.22% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently added to or reduced their stakes in the business. Barclays PLC lifted its holdings in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after buying an additional 89,894 shares during the period. Geode Capital Management LLC lifted its holdings in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after acquiring an additional 645,039 shares during the period. State Street Corp boosted its position in D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Penserra Capital Management LLC grew its stake in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock worth $4,409,000 after purchasing an additional 839,942 shares during the period. Finally, Bogart Wealth LLC purchased a new position in shares of D-Wave Quantum during the 3rd quarter valued at approximately $49,000. 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.