D-Wave Quantum (NYSE:QBTS) Trading 5.2% Higher - Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price was up 5.2% during trading on Monday . The company traded as high as $9.35 and last traded at $8.80. Approximately 43,184,045 shares traded hands during trading, an increase of 39% from the average daily volume of 30,992,161 shares. The stock had previously closed at $8.36.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on QBTS. B. Riley boosted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Craig Hallum upped their price target 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. Benchmark restated a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Needham & Company LLC reiterated a "buy" rating and issued a $8.50 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Finally, Roth Mkm increased their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $8.42.

D-Wave Quantum Stock Down 4.4 %

The firm has a market cap of $2.30 billion, a price-to-earnings ratio of -18.83 and a beta of 1.12. The firm has a 50 day moving average of $6.53 and a 200 day moving average of $4.36.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. Equities analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum 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 completion of the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the company's stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the completion of the sale, the insider now owns 37,278,688 shares in the company, valued at $228,891,144.32. This represents a 6.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,071,206 shares of company stock valued at $46,758,181 in the last three months. Corporate insiders own 7.22% of the company's stock.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $26,000. PNC Financial Services Group Inc. bought a new position in D-Wave Quantum during the 4th quarter valued at $38,000. Heritage Wealth Advisors bought a new position in D-Wave Quantum during the 4th quarter valued at $67,000. Kingsview Wealth Management LLC purchased a new position in D-Wave Quantum during the 4th quarter worth $84,000. Finally, Summit Investment Advisors Inc. grew its stake in shares of D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after acquiring an additional 1,766 shares in the last quarter. 42.47% of the stock is owned by institutional investors.

About D-Wave Quantum

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.