D-Wave Quantum (NYSE:QBTS) Stock Price Up 6.9% – Time to Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) shot up 6.9% during trading on Monday . The company traded as high as $10.45 and last traded at $9.77. 41,465,284 shares were traded during mid-day trading, a decline of 23% from the average session volume of 54,038,090 shares. The stock had previously closed at $9.14.

Analyst Ratings Changes

QBTS has been the subject of several recent analyst reports. Roth Mkm upped their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Craig Hallum lifted their target price on 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 upped their price target on D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. B. Riley lifted their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $5.63.

D-Wave Quantum Trading Up 8.3 %

The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of -23.57 and a beta of 1.16. The company’s 50 day moving average is $4.20 and its 200-day moving average is $2.14.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’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 transaction of $35,522,266.53. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders sold 10,081,459 shares of company stock worth $45,337,894. 7.22% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

Institutional investors have recently added to or reduced their stakes in the company. Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum during the second quarter worth $45,000. SG Americas Securities LLC bought a new position in D-Wave Quantum during the third quarter worth about $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 bought a new position in shares of D-Wave Quantum during the second quarter worth approximately $93,000. Finally, Silverleafe Capital Partners LLC acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $820,000. 42.47% of the stock is currently owned by institutional investors.

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.