D-Wave Quantum (NYSE:QBTS) Shares Up 6% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was up 6% during trading on Monday . The stock traded as high as $16.79 and last traded at $16.09. Approximately 29,900,166 shares traded hands during trading, a decline of 35% from the average daily volume of 45,979,758 shares. The stock had previously closed at $15.17.

Analysts Set New Price Targets

Several equities analysts have recently commented on QBTS shares. Benchmark increased their price objective on D-Wave Quantum from $8.00 to $14.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Roth Capital restated a “buy” rating on shares of D-Wave Quantum in a research report on Friday. B. Riley raised their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Roth Mkm raised their price target on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Finally, Needham & Company LLC lifted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Buy” and an average price target of $10.17.

D-Wave Quantum Price Performance

The company has a market capitalization of $4.69 billion, a PE ratio of -38.18 and a beta of 1.49. The business has a 50-day moving average of $11.54 and a 200 day moving average of $8.31.

D-Wave Quantum (NYSE:QBTS) 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 during the quarter, compared to analysts’ expectations of $10.50 million. As a group, research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling

In other news, Director Roger Biscay sold 15,675 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total value of $259,891.50. Following the completion of the transaction, the director now directly owns 203,147 shares in the company, valued at $3,368,177.26. This trade represents a 7.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Alan E. Baratz sold 845,813 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total value of $14,378,821.00. Following the completion of the sale, the chief executive officer now owns 2,866,412 shares of the company’s stock, valued at $48,729,004. This trade represents a 22.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,358,009 shares of company stock valued at $23,282,578 over the last quarter. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of institutional investors have recently made changes to their positions in the company. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $26,000. PNC Financial Services Group Inc. acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at $38,000. Russell Investments Group Ltd. boosted its stake in D-Wave Quantum by 133.9% during the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock worth $42,000 after purchasing an additional 3,165 shares during the period. Signaturefd LLC boosted its stake in D-Wave Quantum by 106.1% during the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock worth $44,000 after purchasing an additional 2,971 shares during the period. Finally, Amalgamated Bank lifted its stake in shares of D-Wave Quantum by 107.8% in the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company’s stock worth $48,000 after acquiring an additional 3,266 shares during the period. 42.47% of the stock is owned by institutional investors and hedge funds.

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.