D-Wave Quantum (NYSE:QBTS) Trading 2.2% Higher – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was up 2.2% on Friday . The stock traded as high as $11.41 and last traded at $10.12. Approximately 69,994,977 shares changed hands during trading, an increase of 467% from the average daily volume of 12,353,021 shares. The stock had previously closed at $9.90.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Benchmark raised their price target on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Craig Hallum raised their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Roth Mkm boosted their price target 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. Needham & Company LLC restated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, B. Riley upped their target price on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Monday, November 25th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus target price of $5.63.

D-Wave Quantum Stock Performance

The firm has a market cap of $2.20 billion, a PE ratio of -23.33 and a beta of 1.79. The stock has a 50 day simple moving average of $3.24 and a two-hundred day simple moving average of $1.79.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the sale, the insider now directly owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 10,081,459 shares of company stock worth $45,337,894. 7.22% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of QBTS. Thoroughbred Financial Services LLC purchased a new position in shares of D-Wave Quantum in the 2nd quarter valued at about $45,000. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum in the third quarter valued at approximately $42,000. Bogart Wealth LLC acquired a new position in shares of D-Wave Quantum during the 3rd quarter worth approximately $49,000. Rhumbline Advisers purchased a new position in shares of D-Wave Quantum during the 2nd quarter valued at approximately $93,000. Finally, Barclays PLC grew its stake 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 acquiring an additional 89,894 shares during the period. 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.