D-Wave Quantum (NYSE:QBTS) Stock Price Up 11.2% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares rose 11.2% on Thursday . The company traded as high as $9.38 and last traded at $8.84. Approximately 39,243,631 shares changed hands during mid-day trading, an increase of 230% from the average daily volume of 11,885,464 shares. The stock had previously closed at $7.95.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Craig Hallum increased their target price 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. Roth Mkm increased their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Benchmark boosted their target price on D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, B. Riley lifted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Stock Up 0.1 %

The company has a market capitalization of $2.22 billion, a PE ratio of -23.60 and a beta of 1.79. The company has a 50-day moving average price of $3.41 and a two-hundred day moving average price of $1.85.

Insiders Place Their Bets

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the transaction, the insider now owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 10,081,459 shares of company stock worth $45,337,894 in the last quarter. 7.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Penserra Capital Management LLC boosted its stake in 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 buying an additional 839,942 shares during the period. Geode Capital Management LLC increased its stake in D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $265,000. Bank of New York Mellon Corp bought a new stake in shares of D-Wave Quantum during the 2nd quarter valued at about $251,000. Finally, Squarepoint Ops LLC purchased a new position in shares of D-Wave Quantum during the second quarter worth about $163,000. 42.47% of the stock is currently owned by hedge funds and other 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.