D-Wave Quantum (NYSE:QBTS) Trading 29.3% Higher - Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded up 29.3% during mid-day trading on Tuesday . The stock traded as high as $17.30 and last traded at $17.00. 159,943,558 shares changed hands during mid-day trading, an increase of 309% from the average session volume of 39,149,455 shares. The stock had previously closed at $13.15.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on QBTS shares. B. Riley raised their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Needham & Company LLC raised their price target on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Benchmark raised their price target on D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Finally, Roth Mkm raised their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $10.17.

D-Wave Quantum Price Performance

The stock has a 50-day moving average price of $8.60 and a 200 day moving average price of $6.54. The firm has a market cap of $5.56 billion, a price-to-earnings ratio of -45.40 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.02) EPS 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 analyst estimates of $10.50 million. As a group, equities research analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 845,813 shares of the business's stock in a transaction dated 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 owns 2,866,412 shares in the company, valued at $48,729,004. The trade was a 22.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 7.22% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. increased its position in D-Wave Quantum by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock valued at $85,766,000 after acquiring an additional 4,166,721 shares during the period. 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. acquired a new position in D-Wave Quantum in the 4th quarter valued at about $20,258,000. Penserra Capital Management LLC increased its position in D-Wave Quantum by 80.1% in the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock valued at $38,518,000 after acquiring an additional 2,253,741 shares during the period. Finally, Trexquant Investment LP acquired a new position in D-Wave Quantum in the 1st quarter valued at about $8,064,000. Institutional investors and hedge funds 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.