D-Wave Quantum (NYSE:QBTS) Trading 3.6% Higher – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares rose 3.6% on Tuesday . The company traded as high as $18.88 and last traded at $18.6910. Approximately 19,115,244 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 33,276,551 shares. The stock had previously closed at $18.05.

Wall Street Analysts Forecast Growth

QBTS has been the subject of a number of research reports. Canaccord Genuity Group set a $43.00 target price on shares of D-Wave Quantum in a report on Thursday, January 29th. Roth Mkm set a $40.00 price objective on shares of D-Wave Quantum in a research report on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Monday, December 29th. TD Cowen started coverage on D-Wave Quantum in a report on Thursday, February 12th. They set a “buy” rating on the stock. Finally, Cantor Fitzgerald boosted their target price on shares of D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Fourteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.21.

D-Wave Quantum Trading Up 3.6%

The company has a market cap of $6.91 billion, a price-to-earnings ratio of -13.85 and a beta of 1.56. The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49. The business’s 50-day simple moving average is $24.72 and its 200-day simple moving average is $24.95.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $24.28, for a total transaction of $242,800.00. Following the sale, the director directly owned 37,778 shares of the company’s stock, valued at $917,249.84. This trade represents a 20.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Markovich sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $30.03, for a total transaction of $3,003,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,471,312 shares of the company’s stock, valued at approximately $44,183,499.36. This represents a 6.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,074,466 shares of company stock valued at $31,558,806 in the last ninety days. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in the business. Root Financial Partners LLC lifted its stake in shares of D-Wave Quantum by 388.0% in the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after purchasing an additional 776 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in D-Wave Quantum during the fourth quarter worth approximately $28,000. Atlantic Union Bankshares Corp acquired a new stake in shares of D-Wave Quantum in the second quarter worth $29,000. EverSource Wealth Advisors LLC raised its stake in shares of D-Wave Quantum by 267.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after acquiring an additional 838 shares during the period. Finally, Ancora Advisors LLC purchased a new stake in D-Wave Quantum during the 3rd quarter worth $30,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Company Profile

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.