D-Wave Quantum (NYSE:QBTS) Shares Up 6.6% - Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded up 6.6% on Thursday . The company traded as high as $6.39 and last traded at $6.44. 22,854,368 shares were traded during trading, a decline of 74% from the average session volume of 86,878,313 shares. The stock had previously closed at $6.04.

Analyst Upgrades and Downgrades

QBTS has been the topic of several research analyst reports. Needham & Company LLC restated a "buy" rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley boosted their price target on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a "buy" rating in a research note on Friday. Benchmark reaffirmed a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Craig Hallum boosted their target price 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. Finally, 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 research note on Thursday, December 12th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum has a consensus rating of "Buy" and a consensus target price of $6.71.

D-Wave Quantum Trading Down 5.6 %

The firm has a market cap of $1.62 billion, a PE ratio of -14.32 and a beta of 1.10. The firm has a 50 day moving average price of $6.62 and a 200-day moving average price of $3.21.

Insider Buying and Selling at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 8,372 shares of the company's stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of 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 represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the company's stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the completion of the transaction, the chief financial officer now owns 1,064,556 shares of the company's stock, valued at approximately $5,610,210.12. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. Insiders own 7.22% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after purchasing an additional 3,624,407 shares during the last quarter. Penserra Capital Management LLC grew its stake in 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 buying an additional 839,942 shares during the last quarter. Geode Capital Management LLC increased its position in D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after buying an additional 418,468 shares during the period. Bank of America Corp DE lifted its stake in D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after buying an additional 2,497,263 shares during the last quarter. Finally, UNICOM Systems Inc. acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $20,258,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.