D-Wave Quantum (NYSE:QBTS) Trading Up 0.6% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price rose 0.6% on Wednesday . The stock traded as high as $5.89 and last traded at $5.41. Approximately 17,830,872 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 75,163,602 shares. The stock had previously closed at $5.38.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on QBTS. Needham & Company LLC restated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark reissued a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Roth Mkm raised 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. Craig Hallum lifted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, B. Riley increased their price target on shares of D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum has a consensus rating of “Buy” and a consensus target price of $6.71.

D-Wave Quantum Stock Up 9.0 %

The stock has a market cap of $1.58 billion, a P/E ratio of -13.96 and a beta of 1.12. The firm’s 50-day moving average is $6.15 and its two-hundred day moving average is $3.76.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction that occurred on 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 owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,508,799 shares of company stock valued at $88,960,447. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of QBTS. Vanguard Group Inc. boosted its stake in D-Wave Quantum by 103.7% during the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after purchasing an additional 3,624,407 shares during the period. Bank of America Corp DE lifted its stake in shares of D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after buying an additional 2,497,263 shares during the period. UNICOM Systems Inc. bought a new position in D-Wave Quantum during the fourth quarter valued at about $20,258,000. Penserra Capital Management LLC increased its position in shares of D-Wave Quantum by 23.0% during the third 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 period. Finally, Geode Capital Management LLC lifted its position 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 worth $2,513,000 after purchasing an additional 645,039 shares during the period. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.