D-Wave Quantum (NYSE:QBTS) Shares Up 4.3% - Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) rose 4.3% during mid-day trading on Tuesday . The stock traded as high as $6.26 and last traded at $6.01. Approximately 31,676,898 shares changed hands during trading, a decline of 67% from the average daily volume of 95,833,469 shares. The stock had previously closed at $5.76.

Analyst Ratings Changes

Several analysts have commented on the stock. B. Riley raised their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Craig Hallum raised their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Roth Mkm upped their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. Benchmark reaffirmed a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Finally, 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $6.38.

D-Wave Quantum Stock Performance

The stock has a market capitalization of $1.56 billion, a P/E ratio of -13.80 and a beta of 1.10. The firm has a fifty day moving average price of $6.34 and a two-hundred day moving average price of $2.99.

Insider Activity

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 on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,152,665 shares of company stock valued at $92,096,075 in the last 90 days. Company insiders own 7.22% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently bought and sold shares of the business. Marshall Wace LLP purchased a new position in shares of D-Wave Quantum during the second quarter valued at approximately $265,000. Squarepoint Ops LLC bought a new position in D-Wave Quantum in the 2nd quarter valued at $163,000. SG Americas Securities LLC purchased a new stake in D-Wave Quantum in the third quarter worth $42,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum during the third quarter valued at $49,000. Finally, Penserra Capital Management LLC increased its stake in D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock worth $4,409,000 after buying an additional 839,942 shares during the period. 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.