D-Wave Quantum (NYSE:QBTS) Stock Price Up 10.8% - Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded up 10.8% on Wednesday . The company traded as high as $6.00 and last traded at $5.91. 26,157,515 shares were traded during mid-day trading, a decline of 70% from the average session volume of 87,634,469 shares. The stock had previously closed at $5.33.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum upped their price objective on 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 reaffirmed a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. B. Riley increased their price target on D-Wave Quantum from $9.00 to $11.00 and gave the company a "buy" rating in a research note on Friday. Finally, Roth Mkm increased their price target 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. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $6.71.

D-Wave Quantum Price Performance

The business has a 50-day simple moving average of $6.59 and a 200-day simple moving average of $3.15. The firm has a market capitalization of $1.72 billion, a PE ratio of -15.18 and a beta of 1.10.

Insider Buying and Selling at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,152,665 shares of company stock worth $92,096,075 over the last ninety days. Company insiders own 7.22% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the business. Barclays PLC increased its holdings in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock worth $117,000 after purchasing an additional 89,894 shares during the period. Silverleafe Capital Partners LLC purchased a new position in D-Wave Quantum during the 4th quarter worth $820,000. Patriot Financial Group Insurance Agency LLC purchased a new position in D-Wave Quantum during the 4th quarter worth $488,000. Geode Capital Management LLC increased its holdings in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock worth $2,513,000 after purchasing an additional 645,039 shares during the period. Finally, State Street Corp increased its holdings in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after purchasing an additional 17,225 shares during the period. 42.47% of the stock is currently 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.