D-Wave Quantum (NYSE:QBTS) Shares Up 2.9% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price rose 2.9% during mid-day trading on Wednesday . The stock traded as high as $10.50 and last traded at $8.64. Approximately 93,603,545 shares were traded during mid-day trading, an increase of 855% from the average daily volume of 9,796,885 shares. The stock had previously closed at $8.40.

Analysts Set New Price Targets

Several brokerages have recently weighed in on QBTS. Roth Mkm raised their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, B. Riley raised their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $3.71.

D-Wave Quantum Stock Performance

The stock’s 50 day simple moving average is $2.26 and its 200 day simple moving average is $1.47. The firm has a market cap of $2.25 billion, a P/E ratio of -23.88 and a beta of 1.79.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the firm’s 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 sale, the insider now owns 18,730,193 shares of the company’s stock, valued at $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several large investors have recently bought and sold shares of the company. Penserra Capital Management LLC lifted its position 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 valued at $4,409,000 after buying an additional 839,942 shares in the last quarter. Geode Capital Management LLC increased its stake in D-Wave Quantum by 33.8% in 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 during 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 valued at $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Vanguard Group Inc. increased its position in D-Wave Quantum by 17.9% in the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock worth $2,183,000 after purchasing an additional 162,688 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in D-Wave Quantum during the second quarter valued at $265,000. 42.47% of the stock is owned by institutional investors.

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.