D-Wave Quantum (NYSE:QBTS) Trading Up 5.4% – Time to Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) shot up 5.4% during trading on Friday . The stock traded as high as $6.76 and last traded at $6.43. 48,306,420 shares were traded during trading, a decline of 43% from the average session volume of 85,320,625 shares. The stock had previously closed at $6.10.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on QBTS shares. Roth Mkm boosted 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 report on Thursday, December 12th. Craig Hallum upped their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Benchmark raised their target price on D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, B. Riley raised their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Price Performance

The company has a market cap of $1.55 billion, a P/E ratio of -13.74 and a beta of 1.16. The stock has a fifty day moving average price of $4.84 and a two-hundred day moving average price of $2.35.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $6.68, for a total value of $6,680,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 10,081,459 shares of company stock worth $45,337,894 in the last quarter. 7.22% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds have recently bought and sold shares of the business. Barclays PLC grew its position in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after buying an additional 89,894 shares during the period. Silverleafe Capital Partners LLC purchased a new position in D-Wave Quantum in the fourth quarter valued at about $820,000. Geode Capital Management LLC boosted its stake in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares during the last quarter. State Street Corp grew its position in shares of D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares during the period. Finally, Penserra Capital Management LLC increased its stake in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares during the last quarter. 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.