D-Wave Quantum (NYSE:QBTS) Stock Price Up 3.1% – Should You Buy?

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

Wall Street Analysts Forecast Growth

A number of analysts recently commented on QBTS shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm increased their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Craig Hallum boosted their price target 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. Finally, B. Riley upped their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Stock Up 3.9 %

The company has a 50-day moving average of $6.76 and a 200-day moving average of $4.74. The company has a market cap of $1.92 billion, a PE ratio of -15.69 and a beta of 0.88.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $2.23 million. As a group, 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 D-Wave Quantum stock in a transaction 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 sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,071,206 shares of company stock valued at $46,758,181. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of 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 acquiring an additional 3,624,407 shares during the period. Bank of America Corp DE lifted its stake in 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 purchasing an additional 2,497,263 shares during the last quarter. UNICOM Systems Inc. bought a new position in D-Wave Quantum during the fourth quarter valued at $20,258,000. Geode Capital Management LLC increased 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 buying an additional 645,039 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of D-Wave Quantum in the fourth quarter valued at $2,087,000. Institutional investors 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.