D-Wave Quantum (NYSE:QBTS) Stock Price Up 0.1% - Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price shot up 0.1% on Tuesday . The company traded as high as $6.37 and last traded at $6.25. 4,777,691 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 33,661,799 shares. The stock had previously closed at $6.24.

Analysts Set New Price Targets

Several brokerages have commented on QBTS. Roth Mkm upped their price target on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Needham & Company LLC reissued a "buy" rating and issued a $8.50 price objective on shares of D-Wave Quantum in a report on Wednesday, April 2nd. B. Riley increased their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Finally, Benchmark reissued a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $8.42.

D-Wave Quantum Stock Up 0.4 %

The firm's 50-day moving average price is $6.98 and its 200 day moving average price is $5.19. The firm has a market cap of $1.83 billion, a P/E ratio of -14.87 and a beta of 0.88.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million for the quarter, compared to analysts' expectations of $2.23 million. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO John M. Markovich sold 5,582 shares of the stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the firm's stock in a transaction that occurred on 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 owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. 7.22% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of QBTS. Advisor Resource Council acquired a new stake in D-Wave Quantum in the 1st quarter valued at about $100,000. Kingswood Wealth Advisors LLC bought a new stake in D-Wave Quantum during the first quarter worth approximately $167,000. Sowell Financial Services LLC acquired a new position in D-Wave Quantum in the first quarter worth approximately $96,000. Brown Miller Wealth Management LLC bought a new position in shares of D-Wave Quantum in the first quarter valued at $870,000. Finally, BayBridge Capital Group LLC acquired a new stake in shares of D-Wave Quantum during the 1st quarter valued at $328,000. 42.47% of the stock is 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.

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