D-Wave Quantum (NYSE:QBTS) Trading 3% Higher – Should You Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded up 3% during trading on Friday . The stock traded as high as $8.22 and last traded at $7.61. 48,368,237 shares changed hands during trading, a decline of 44% from the average session volume of 86,010,500 shares. The stock had previously closed at $7.39.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Craig Hallum increased their target price on 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 increased their target price on D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Benchmark restated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Needham & Company LLC restated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Roth Mkm raised their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Buy” and an average target price of $6.71.

D-Wave Quantum Stock Down 1.7 %

The firm has a fifty day moving average of $6.82 and a 200-day moving average of $3.36. The firm has a market cap of $1.96 billion, a P/E ratio of -17.30 and a beta of 1.10.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Sector Pension Investme Public sold 643,866 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total value of $3,135,627.42. Following the transaction, the insider now owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This trade represents a 3.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,152,665 shares of company stock worth $92,096,075 over the last 90 days. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum during the fourth quarter worth about $26,000. PNC Financial Services Group Inc. acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth about $38,000. SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum during the third quarter worth about $42,000. Heritage Wealth Advisors acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth about $67,000. Finally, Kingsview Wealth Management LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth about $84,000. 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.