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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) saw strong trading volume on Thursday . 17,080,064 shares were traded during trading, an increase of 33% from the previous session’s volume of 12,869,937 shares.The stock last traded at $8.63 and had previously closed at $8.40.

Analysts Set New Price Targets

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

D-Wave Quantum Stock Up 1.9 %

The company has a market cap of $1.92 billion, a PE ratio of -20.38 and a beta of 1.79. The business’s fifty day moving average is $3.86 and its 200-day moving average is $2.01.

Insider Activity

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the sale, the insider now owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This trade represents a 3.32 % decrease in their position. The transaction 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 valued at $45,337,894 in the last 90 days. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in QBTS. SG Americas Securities LLC bought a new stake in D-Wave Quantum in the 3rd quarter valued at $42,000. Thoroughbred Financial Services LLC bought a new stake in shares of D-Wave Quantum in the second quarter worth about $45,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum in the third quarter worth about $49,000. Rhumbline Advisers bought a new position in D-Wave Quantum during the second quarter valued at approximately $93,000. Finally, Barclays PLC grew its holdings in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after buying an additional 89,894 shares in the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.