D-Wave Quantum (NYSE:QBTS) Trading Up 14% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares were up 14% on Friday . The company traded as high as $6.86 and last traded at $6.88. Approximately 52,471,384 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 109,127,320 shares. The stock had previously closed at $6.03.

Analyst Ratings Changes

QBTS has been the topic of a number of recent research reports. Roth Mkm increased their price target 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. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley lifted their price target on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Craig Hallum raised their price objective 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. Finally, Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Stock Up 6.4 %

The stock has a market capitalization of $1.73 billion, a PE ratio of -15.32 and a beta of 1.16. The firm has a 50 day moving average price of $5.56 and a 200-day moving average price of $2.62.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold 20,138,711 shares of company stock valued at $92,022,537 over the last ninety days. Insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Penserra Capital Management LLC grew its stake 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 buying an additional 839,942 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of 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 acquiring an additional 645,039 shares in the last quarter. State Street Corp boosted 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 worth $1,986,000 after acquiring an additional 17,225 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of D-Wave Quantum during the 2nd quarter worth about $265,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of D-Wave Quantum during the 2nd quarter worth about $251,000. Hedge funds and other 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.