D-Wave Quantum (NYSE:QBTS) Trading Up 2.2% - Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price was up 2.2% during trading on Friday . The company traded as high as $11.41 and last traded at $10.12. Approximately 69,994,977 shares changed hands during trading, an increase of 467% from the average daily volume of 12,353,021 shares. The stock had previously closed at $9.90.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on QBTS shares. Craig Hallum lifted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. B. Riley raised their target price on D-Wave Quantum from $3.75 to $4.50 and gave the stock a "buy" rating in a research note on Monday, November 25th. Needham & Company LLC reissued a "buy" rating and set a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. 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. Finally, Benchmark lifted their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has an average rating of "Buy" and an average target price of $5.63.

D-Wave Quantum Trading Up 0.1 %

The company has a market capitalization of $2.22 billion, a PE ratio of -23.60 and a beta of 1.79. The stock has a fifty day simple moving average of $3.24 and a 200-day simple moving average of $1.79.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business's stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the sale, the insider now directly owns 1,000,000 shares of the company's stock, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 10,081,459 shares of company stock valued at $45,337,894 in the last ninety days. Insiders own 7.22% of the company's stock.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the company. Penserra Capital Management LLC lifted its holdings in shares of D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after purchasing an additional 839,942 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $163,000. Bank of New York Mellon Corp purchased a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $251,000. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum during the 2nd quarter valued at approximately $45,000. Finally, Marshall Wace LLP purchased a new stake in D-Wave Quantum during the 2nd quarter valued at approximately $265,000. 42.47% of the stock is owned by hedge funds and other 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.