D-Wave Quantum (NYSE:QBTS) Shares Up 1.9% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded up 1.9% during trading on Thursday . The company traded as high as $8.81 and last traded at $8.56. 23,331,656 shares traded hands during mid-day trading, an increase of 81% from the average session volume of 12,869,937 shares. The stock had previously closed at $8.40.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Roth Mkm boosted their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark lifted their price objective on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Craig Hallum boosted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, B. Riley lifted their price target 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 an average rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Stock Up 3.3 %

The company has a market capitalization of $1.94 billion, a P/E ratio of -20.67 and a beta of 1.79. The business has a 50 day simple moving average of $3.86 and a 200-day simple moving average of $2.01.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of D-Wave Quantum stock in a transaction on Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders sold 10,081,459 shares of company stock valued at $45,337,894 in the last ninety days. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC acquired a new stake in D-Wave Quantum in the third quarter worth about $42,000. Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum in the 2nd quarter worth approximately $45,000. Bogart Wealth LLC bought a new position in shares of D-Wave Quantum in the third quarter valued at approximately $49,000. Rhumbline Advisers acquired a new position in shares of D-Wave Quantum during the second quarter valued at approximately $93,000. Finally, Barclays PLC raised its holdings in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares in the last quarter. 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.