D-Wave Quantum (NYSE:QBTS) Stock Price Up 4.4% - Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) was up 4.4% during mid-day trading on Wednesday . The stock traded as high as $6.20 and last traded at $6.31. Approximately 13,242,547 shares were traded during trading, a decline of 84% from the average daily volume of 83,931,039 shares. The stock had previously closed at $6.04.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Roth Mkm lifted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. B. Riley boosted their target price on D-Wave Quantum from $9.00 to $11.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Benchmark reiterated a "buy" rating and issued a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. Craig Hallum boosted 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. Finally, Needham & Company LLC restated a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $6.71.

D-Wave Quantum Trading Down 1.7 %

The firm has a market cap of $1.96 billion, a P/E ratio of -17.30 and a beta of 1.10. The company's 50-day moving average is $6.82 and its two-hundred day moving average is $3.35.

Insider Activity

In related news, CEO Alan E. Baratz sold 8,372 shares of the firm's stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares of the company's stock, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The disclosure for this sale can be found here. Insiders have sold 20,152,665 shares of company stock worth $92,096,075 over the last 90 days. 7.22% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds have recently modified their holdings of the company. Fourth Dimension Wealth LLC bought a new stake in D-Wave Quantum during the fourth quarter worth $26,000. Voloridge Investment Management LLC bought a new position in D-Wave Quantum in the 4th quarter valued at $2,063,000. Squarepoint Ops LLC bought a new stake in shares of D-Wave Quantum during the 4th quarter worth $1,989,000. Tidal Investments LLC bought a new stake in shares of D-Wave Quantum during the 4th quarter worth $104,000. Finally, ProShare Advisors LLC grew its position in D-Wave Quantum by 68.3% during the fourth quarter. ProShare Advisors LLC now owns 27,851 shares of the company's stock valued at $234,000 after buying an additional 11,301 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.