D-Wave Quantum (NYSE:QBTS) Shares Up 11.9% - Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) rose 11.9% during mid-day trading on Friday . The stock traded as high as $6.39 and last traded at $6.31. Approximately 37,408,643 shares changed hands during trading, a decline of 62% from the average daily volume of 99,151,547 shares. The stock had previously closed at $5.64.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Craig Hallum raised their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. Needham & Company LLC reissued a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. B. Riley lifted their target price on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Roth Mkm increased their price objective 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. Finally, Benchmark restated a "buy" rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $6.38.

D-Wave Quantum Trading Up 10.3 %

The company has a market cap of $1.72 billion, a price-to-earnings ratio of -15.15 and a beta of 1.10. The business has a fifty day moving average of $6.15 and a two-hundred day moving average of $2.89.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company's stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the sale, the insider now owns 18,730,193 shares of the company's stock, valued at $91,216,039.91. This represents a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares of the company's stock, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,152,665 shares of company stock worth $92,096,075 over the last 90 days. Corporate insiders own 7.22% of the company's stock.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently made changes to their positions in the stock. UNICOM Systems Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter worth about $20,258,000. Penserra Capital Management LLC increased its stake in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after acquiring an additional 839,942 shares during the period. Geode Capital Management LLC lifted its holdings in shares of D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after buying an additional 645,039 shares during the period. Marshall Wace LLP bought a new position in shares of D-Wave Quantum during the 2nd quarter valued at about $265,000. Finally, Squarepoint Ops LLC bought a new stake in shares of D-Wave Quantum during the 2nd quarter worth $163,000. 42.47% of the stock is owned by hedge funds and other 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.