D-Wave Quantum (NYSE:QBTS) Trading 5.4% Higher - Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price traded up 5.4% during mid-day trading on Friday . The company traded as high as $6.76 and last traded at $6.43. 48,306,420 shares were traded during mid-day trading, a decline of 43% from the average session volume of 85,320,625 shares. The stock had previously closed at $6.10.

Analyst Ratings Changes

A number of research firms have recently commented on QBTS. Needham & Company LLC reissued a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Craig Hallum increased their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Benchmark boosted their target price on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. B. Riley increased their price target on D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a research note on Monday, November 25th. Finally, Roth Mkm boosted their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $5.63.

D-Wave Quantum Price Performance

The company has a market cap of $1.55 billion, a price-to-earnings ratio of -13.74 and a beta of 1.16. The business's fifty day moving average price is $4.74 and its 200 day moving average price is $2.31.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the sale, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders have sold 10,081,459 shares of company stock valued at $45,337,894. 7.22% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently made changes to their positions in QBTS. Barclays PLC boosted its holdings in shares of 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 buying an additional 89,894 shares in the last quarter. Silverleafe Capital Partners LLC acquired a new stake in D-Wave Quantum in the fourth quarter worth $820,000. Geode Capital Management LLC increased its stake in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after purchasing an additional 645,039 shares in the last quarter. State Street Corp raised its holdings in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company's stock valued at $1,986,000 after purchasing an additional 17,225 shares during the period. Finally, Penserra Capital Management LLC boosted its position in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock worth $4,409,000 after purchasing an additional 839,942 shares in the last quarter. Institutional investors 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.