D-Wave Quantum (NYSE:QBTS) Sees Large Volume Increase – Time to Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) saw unusually-strong trading volume on Thursday . Approximately 28,195,002 shares changed hands during trading, an increase of 172% from the previous session’s volume of 10,358,163 shares.The stock last traded at $7.77 and had previously closed at $8.96.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on QBTS. Roth Mkm upped their target price 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. B. Riley raised their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Benchmark upped their target price on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday. Finally, Craig Hallum raised their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Stock Performance

The company’s 50 day moving average price is $2.64 and its 200 day moving average price is $1.59. The company has a market cap of $1.44 billion, a price-to-earnings ratio of -15.33 and a beta of 1.79.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock in a transaction on 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 completion of the transaction, the insider now owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. The trade was a 3.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.22% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Penserra Capital Management LLC increased its holdings in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares in the last quarter. Geode Capital Management LLC lifted its holdings in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares in the last quarter. State Street Corp boosted its position in D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after buying an additional 17,225 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of D-Wave Quantum in the 2nd quarter valued at $265,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of D-Wave Quantum during the second quarter worth $251,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.