D-Wave Quantum (NYSE:QBTS) Trading 3.5% Higher – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price shot up 3.5% on Tuesday . The company traded as high as $7.92 and last traded at $7.87. 19,625,688 shares were traded during mid-day trading, a decline of 76% from the average session volume of 83,101,250 shares. The stock had previously closed at $7.60.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on QBTS shares. Roth Mkm boosted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Needham & Company LLC restated a “buy” rating and issued a $8.50 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Craig Hallum upped their target price 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. B. Riley raised their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Finally, Benchmark reiterated a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Price Performance

The stock has a market cap of $2.21 billion, a PE ratio of -17.99 and a beta of 1.12. The stock’s fifty day moving average is $6.67 and its 200-day moving average is $4.53.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. On average, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the transaction, the insider now directly owns 30,000,000 shares in the company, valued at $122,100,000. This trade represents a 19.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This 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. 7.22% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in QBTS. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum during the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth $38,000. Heritage Wealth Advisors acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at $67,000. Kingsview Wealth Management LLC purchased a new position in D-Wave Quantum in the fourth quarter valued at $84,000. Finally, Summit Investment Advisors Inc. increased its holdings in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after purchasing an additional 1,766 shares during the period. Hedge funds and other 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.