D-Wave Quantum (NYSE:QBTS) Trading 6.1% Higher – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded up 6.1% during trading on Thursday . The company traded as high as $7.48 and last traded at $6.94. 48,614,222 shares were traded during mid-day trading, a decline of 43% from the average session volume of 85,345,672 shares. The stock had previously closed at $6.54.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. 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. B. Riley lifted their price objective on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Finally, Roth Mkm lifted their price objective 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. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Stock Performance

The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of -17.30 and a beta of 1.10. The company has a 50 day moving average of $6.82 and a 200 day moving average of $3.35.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock valued at $92,096,075 in the last three months. 7.22% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently made changes to their positions in the company. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $26,000. Voloridge Investment Management LLC purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $2,063,000. Squarepoint Ops LLC purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $1,989,000. Tidal Investments LLC purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $104,000. Finally, ProShare Advisors LLC lifted its holdings in shares of D-Wave Quantum by 68.3% in the 4th quarter. ProShare Advisors LLC now owns 27,851 shares of the company’s stock valued at $234,000 after purchasing an additional 11,301 shares during the last quarter. 42.47% of the stock is owned by hedge funds and other 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.