D-Wave Quantum (NYSE:QBTS) Sees Large Volume Increase – Should You Buy?

by · The Cerbat Gem

D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report) shares saw unusually-high trading volume on Thursday . Approximately 26,853,042 shares were traded during trading, a decline of 10% from the previous session’s volume of 29,828,906 shares.The stock last traded at $9.59 and had previously closed at $10.60.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm boosted their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. B. Riley upped their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Benchmark reiterated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Finally, Craig Hallum lifted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $8.42.

Read Our Latest Stock Report on QBTS

D-Wave Quantum Trading Down 6.7 %

The company has a market capitalization of $2.66 billion, a PE ratio of -23.47 and a beta of 1.12. The company’s 50 day moving average price is $6.20 and its 200-day moving average price is $4.09.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $6.14, for a total value of $17,060,382.96. Following the transaction, the insider now owns 37,278,688 shares of the company’s stock, valued at approximately $228,891,144.32. This trade represents a 6.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO John M. Markovich sold 5,582 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,071,206 shares of company stock valued at $53,438,181 in the last three months. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently modified their holdings of the stock. Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter valued at about $26,000. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum during the 4th quarter valued at approximately $38,000. Heritage Wealth Advisors purchased a new stake in D-Wave Quantum during the 4th quarter worth approximately $67,000. Kingsview Wealth Management LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. boosted its stake in shares of D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after buying an additional 1,766 shares during the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

About D-Wave Quantum

(Get Free Report)

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.

Further Reading