D-Wave Quantum (NYSE:QBTS) Stock Price Up 3.1% - Still a Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shot up 3.1% during mid-day trading on Monday . The stock traded as high as $6.94 and last traded at $6.54. 20,940,905 shares traded hands during trading, a decline of 36% from the average session volume of 32,655,900 shares. The stock had previously closed at $6.34.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Craig Hallum boosted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. Benchmark reiterated a "buy" rating and issued a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. B. Riley increased their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Needham & Company LLC restated a "buy" rating and set a $8.50 price target on shares of D-Wave Quantum in a report on Wednesday, April 2nd. Finally, Roth Mkm upped their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $8.42.

D-Wave Quantum Trading Up 0.6 %

The firm has a 50-day moving average of $6.90 and a 200 day moving average of $4.93. The company has a market cap of $2.11 billion, a P/E ratio of -17.25 and a beta of 0.88.

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

Insiders Place Their Bets

In other news, CEO Alan E. Baratz sold 8,372 shares of the business'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 transaction of $44,120.44. Following the completion of the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now directly owns 30,000,000 shares in the company, valued at $122,100,000. The trade was a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,292,642 shares of company stock worth $29,697,798. 7.22% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

Several hedge funds have recently bought and sold shares of QBTS. Barclays PLC raised its holdings in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company's stock worth $117,000 after buying an additional 89,894 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of D-Wave Quantum by 40.9% during the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock worth $1,845,000 after acquiring an additional 63,799 shares in the last quarter. Silverleafe Capital Partners LLC acquired a new stake in shares of D-Wave Quantum in the 4th quarter worth about $820,000. Commonwealth Equity Services LLC lifted its position in D-Wave Quantum by 1,097.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company's stock valued at $1,916,000 after acquiring an additional 209,000 shares in the last quarter. Finally, Truist Financial Corp bought a new position in D-Wave Quantum in the 4th quarter valued at about $108,000. Institutional investors and hedge funds own 42.47% of the company's stock.

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.