D-Wave Quantum (NYSE:QBTS) Stock Price Up 6.5% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price shot up 6.5% during trading on Tuesday . The company traded as high as $4.93 and last traded at $4.93. 13,986,055 shares were traded during mid-day trading, a decline of 82% from the average session volume of 75,842,375 shares. The stock had previously closed at $4.63.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Benchmark reiterated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. B. Riley lifted their price objective on 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 reiterated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum raised their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, Roth Mkm lifted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a 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 an average target price of $6.71.

D-Wave Quantum Trading Up 9.9 %

The firm has a 50 day moving average of $6.21 and a 200-day moving average of $3.73. The company has a market cap of $1.37 billion, a P/E ratio of -12.14 and a beta of 1.12.

Insider Activity

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, 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 shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares in the company, valued at approximately $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. Insiders have sold a total of 19,508,799 shares of company stock worth $88,960,447 over the last quarter. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently modified their holdings of the stock. Penserra Capital Management LLC lifted its position in D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the last quarter. State Street Corp lifted its holdings in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Barclays PLC boosted its stake 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 purchasing an additional 89,894 shares during the period. Geode Capital Management LLC grew 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 valued at $2,513,000 after purchasing an additional 645,039 shares during the last quarter. Finally, Silverleafe Capital Partners LLC bought a new position in D-Wave Quantum during the 4th quarter valued at about $820,000. 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.