D-Wave Quantum (NYSE:QBTS) Trading 19.8% Higher - Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price traded up 19.8% on Monday . The company traded as high as $6.14 and last traded at $5.99. 54,103,875 shares changed hands during trading, an increase of 550% from the average session volume of 8,321,217 shares. The stock had previously closed at $5.00.

Wall Street Analysts Forecast Growth

QBTS has been the topic of a number of research reports. B. Riley lifted their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a report on Monday, November 25th. Needham & Company LLC restated a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Roth Mkm boosted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research report on Thursday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum has a consensus rating of "Buy" and an average target price of $3.71.

D-Wave Quantum Stock Performance

The business's fifty day moving average price is $2.11 and its two-hundred day moving average price is $1.42. The stock has a market capitalization of $1.62 billion, a P/E ratio of -17.18 and a beta of 1.79.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the sale, the insider now owns 18,730,193 shares of the company's stock, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 7.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently made changes to their positions in the company. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum in the 2nd quarter worth about $45,000. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum in the third quarter worth approximately $42,000. Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum during the 3rd quarter worth approximately $49,000. Instrumental Wealth LLC lifted its stake in shares of D-Wave Quantum by 85.9% during the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company's stock worth $62,000 after acquiring an additional 25,067 shares during the last quarter. Finally, Rhumbline Advisers purchased a new position in D-Wave Quantum during the 2nd quarter valued at $93,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.