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

D-Wave Quantum Inc. (NYSE:QBTS) shares shot up 0.6% during trading on Wednesday . The company traded as high as $5.89 and last traded at $5.41. 17,830,872 shares traded hands during trading, a decline of 76% from the average session volume of 75,163,602 shares. The stock had previously closed at $5.38.

Analyst Ratings Changes

A number of research firms have recently commented on QBTS. Craig Hallum upped 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. 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 note on Thursday, December 12th. Benchmark reaffirmed a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Friday. B. Riley upped their target price on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research note on Friday. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $7.92.

D-Wave Quantum Stock Up 24.0 %

The company has a market cap of $2.31 billion, a P/E ratio of -20.18 and a beta of 1.12. The firm has a 50 day moving average of $6.05 and a 200-day moving average of $3.80.

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value 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. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,071,206 shares of company stock valued at $53,438,181 over the last quarter. 7.22% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ameriflex Group Inc. purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at $205,000. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at $26,000. Voloridge Investment Management LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at $2,063,000. Squarepoint Ops LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at $1,989,000. Finally, Tidal Investments LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at $104,000. 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.