D-Wave Quantum (NYSE:QBTS) Stock Price Up 2.6% – Should You Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were up 2.6% during trading on Friday . The stock traded as high as $5.86 and last traded at $5.71. Approximately 19,329,813 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 82,060,977 shares. The stock had previously closed at $5.56.

Wall Street Analyst Weigh In

A number of research firms have weighed in on QBTS. Craig Hallum increased their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Benchmark reissued a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday, January 14th. B. Riley upped their price target on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC reissued a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Roth Mkm upped their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Trading Down 1.3 %

The stock’s 50-day moving average price is $6.66 and its 200-day moving average price is $3.54. The company has a market cap of $1.48 billion, a P/E ratio of -13.07 and a beta of 1.10.

Insider Buying and Selling

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the transaction, the insider now directly owns 1,000,000 shares in the company, valued at $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. 7.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC raised its stake in shares of D-Wave Quantum by 298.3% in the third 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 last quarter. Silverleafe Capital Partners LLC purchased a new stake in D-Wave Quantum in the 4th quarter valued at $820,000. Patriot Financial Group Insurance Agency LLC bought a new position in D-Wave Quantum during the 4th quarter valued at $488,000. Stephens Inc. AR purchased a new position in D-Wave Quantum during the 4th quarter worth $494,000. Finally, Geode Capital Management LLC boosted 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 acquiring an additional 645,039 shares during the last quarter. Institutional investors and hedge funds 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.