D-Wave Quantum (NYSE:QBTS) Trading 5.2% Higher – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS) traded up 5.2% during trading on Monday . The company traded as high as $9.35 and last traded at $8.80. 43,184,045 shares traded hands during trading, an increase of 39% from the average session volume of 30,992,161 shares. The stock had previously closed at $8.36.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley boosted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Craig Hallum upped their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Benchmark reiterated a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Finally, Roth Mkm increased their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. 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 an average target price of $8.42.

D-Wave Quantum Stock Up 0.3 %

The company has a market capitalization of $2.55 billion, a PE ratio of -20.83 and a beta of 1.12. The stock’s fifty day moving average price is $6.48 and its two-hundred day moving average price is $4.33.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to analyst estimates of $2.23 million. On average, equities research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now directly owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. The trade was a 19.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction that occurred on 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 owns 2,342,208 shares in the company, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,071,206 shares of company stock worth $46,758,181 over the last quarter. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after acquiring an additional 3,624,407 shares in the last quarter. Bank of America Corp DE grew its holdings in D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after purchasing an additional 2,497,263 shares during the period. UNICOM Systems Inc. purchased a new stake in D-Wave Quantum in the fourth quarter worth about $20,258,000. Geode Capital Management LLC increased its stake in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $2,087,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.