D-Wave Quantum (NYSE:QBTS) Trading 11.6% Higher – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price shot up 11.6% during trading on Tuesday . The company traded as high as $6.06 and last traded at $5.88. 47,782,685 shares were traded during trading, a decline of 56% from the average session volume of 107,555,906 shares. The stock had previously closed at $5.27.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on QBTS. Craig Hallum increased their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Roth Mkm raised their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley lifted their price objective on D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Finally, Benchmark restated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Stock Up 16.1 %

The business’s 50-day simple moving average is $5.29 and its two-hundred day simple moving average is $2.53. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -14.57 and a beta of 1.16.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the sale, the insider now owns 30,000,000 shares in the company, valued at $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders sold 20,138,711 shares of company stock valued at $92,022,537. 7.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of QBTS. SG Americas Securities LLC acquired a new position in shares of D-Wave Quantum during the third quarter valued at approximately $42,000. Bogart Wealth LLC acquired a new position in D-Wave Quantum in the 3rd quarter valued at $49,000. Rhumbline Advisers acquired a new position in D-Wave Quantum in the 2nd quarter valued at $93,000. Barclays PLC lifted its holdings in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares in the last quarter. Finally, Arkadios Wealth Advisors acquired a new stake in D-Wave Quantum during the 4th quarter worth $162,000. 42.47% of the stock is 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.