D-Wave Quantum (NYSE:QBTS) Stock Price Up 10.8% - Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price traded up 10.8% during mid-day trading on Friday . The company traded as high as $18.35 and last traded at $18.25. 33,511,429 shares changed hands during trading, a decline of 24% from the average session volume of 44,369,967 shares. The stock had previously closed at $16.47.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on QBTS shares. Benchmark raised their price target on shares of D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Roth Mkm upped their price target on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. B. Riley increased their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Finally, Needham & Company LLC boosted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum presently has an average rating of "Buy" and a consensus price target of $10.17.

D-Wave Quantum Stock Performance

The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of -43.25 and a beta of 1.49. The company has a 50-day moving average price of $10.34 and a 200-day moving average price of $7.63.

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

Insider Buying and Selling

In related news, Director Roger Biscay sold 15,675 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total transaction of $259,891.50. Following the transaction, the director now owns 203,147 shares in the company, valued at $3,368,177.26. This trade represents a 7.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Alan E. Baratz sold 845,813 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total value of $14,378,821.00. Following the transaction, the chief executive officer now directly owns 2,866,412 shares in the company, valued at approximately $48,729,004. This trade represents a 22.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,358,009 shares of company stock worth $23,282,578 in the last ninety days. 7.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of D-Wave Quantum by 58.5% in the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock valued at $85,766,000 after buying an additional 4,166,721 shares during the last quarter. Bank of America Corp DE increased its position in D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after acquiring an additional 2,497,263 shares during the period. UNICOM Systems Inc. purchased a new stake in D-Wave Quantum during the 4th quarter valued at approximately $20,258,000. Penserra Capital Management LLC lifted its position in D-Wave Quantum by 80.1% during the 1st 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 during the period. Finally, Trexquant Investment LP purchased a new position in shares of D-Wave Quantum in the 1st quarter valued at approximately $8,064,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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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