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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) saw strong trading volume on Thursday . 15,842,585 shares were traded during trading, an increase of 34% from the previous session’s volume of 11,811,614 shares.The stock last traded at $8.54 and had previously closed at $7.95.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Craig Hallum increased their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. B. Riley raised their price target on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC restated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm lifted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, Benchmark boosted their price target on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Trading Up 0.1 %

The company’s 50 day moving average is $3.41 and its 200-day moving average is $1.85. The company has a market capitalization of $2.22 billion, a P/E ratio of -23.60 and a beta of 1.79.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was 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 directly owns 1,000,000 shares in the company, valued at $4,210,000. This trade represents 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 available through the SEC website. Over the last quarter, insiders sold 10,081,459 shares of company stock valued at $45,337,894. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC purchased a new position in D-Wave Quantum in the third quarter worth about $42,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum in the 2nd quarter worth approximately $45,000. Bogart Wealth LLC bought a new position in D-Wave Quantum in the 3rd quarter valued at approximately $49,000. Rhumbline Advisers purchased a new stake in D-Wave Quantum during the 2nd quarter valued at $93,000. Finally, Barclays PLC increased its holdings in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares in the last quarter. Institutional investors 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.