D-Wave Quantum (NYSE:QBTS) Shares Up 6% - Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price shot up 6% during mid-day trading on Monday . The stock traded as high as $16.79 and last traded at $16.09. 29,900,166 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 45,979,758 shares. The stock had previously closed at $15.17.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on QBTS. Needham & Company LLC increased their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Roth Capital reaffirmed a "buy" rating on shares of D-Wave Quantum in a report on Friday. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. B. Riley lifted their price objective 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. Finally, Benchmark upped their price target on shares of D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $10.17.

D-Wave Quantum Price Performance

The firm has a 50-day moving average price of $11.54 and a two-hundred day moving average price of $8.31. The company has a market capitalization of $4.69 billion, a price-to-earnings ratio of -38.18 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Transactions at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 845,813 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the sale, the chief executive officer now owns 2,866,412 shares of the company's stock, valued at $48,729,004. This trade represents a 22.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Roger Biscay sold 15,675 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $16.58, for a total value of $259,891.50. Following the sale, the director now directly owns 203,147 shares in the company, valued at approximately $3,368,177.26. This trade represents a 7.16% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,358,009 shares of company stock worth $23,282,578. Company insiders own 3.20% of the company's stock.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. increased its holdings in D-Wave Quantum by 58.5% during the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock worth $85,766,000 after purchasing an additional 4,166,721 shares in the last quarter. Bank of America Corp DE lifted its stake 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 valued at $21,404,000 after purchasing an additional 2,497,263 shares during the last quarter. Penserra Capital Management LLC lifted its position in shares of D-Wave Quantum by 80.1% during the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after acquiring an additional 2,253,741 shares in the last quarter. UNICOM Systems Inc. increased its stake in D-Wave Quantum by 91.9% in the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after acquiring an additional 2,216,000 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in shares of D-Wave Quantum during the 1st quarter valued at about $8,064,000. 42.47% of the stock is owned by 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.

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