D-Wave Quantum (NYSE:QBTS) Stock Price Up 5.6% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares were up 5.6% during mid-day trading on Wednesday . The stock traded as high as $19.81 and last traded at $19.7040. Approximately 25,112,991 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 33,069,625 shares. The stock had previously closed at $18.66.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $48.00 price objective on shares of D-Wave Quantum in a research report on Thursday, January 29th. Evercore started coverage on shares of D-Wave Quantum in a research note on Wednesday, December 3rd. They set an “outperform” rating and a $44.00 target price on the stock. Benchmark restated a “buy” rating and issued a $35.00 price target on shares of D-Wave Quantum in a report on Friday, January 23rd. Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. Finally, Wedbush began coverage on shares of D-Wave Quantum in a research report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 price objective on the stock. Fourteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $38.21.

D-Wave Quantum Stock Up 5.6%

The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68. The stock’s 50 day simple moving average is $24.58 and its 200 day simple moving average is $24.96. The firm has a market cap of $7.29 billion, a P/E ratio of -14.60 and a beta of 1.56.

Insider Activity at D-Wave Quantum

In related news, Director Kirstjen Nielsen sold 7,000 shares of the company’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $22.62, for a total value of $158,340.00. Following the sale, the director owned 112,673 shares in the company, valued at $2,548,663.26. This represents a 5.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO John M. Markovich sold 9,179 shares of D-Wave Quantum stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total value of $257,562.74. Following the transaction, the chief financial officer owned 1,462,133 shares of the company’s stock, valued at $41,027,451.98. This trade represents a 0.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,074,466 shares of company stock valued at $31,558,806 over the last quarter. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in D-Wave Quantum by 41.2% in the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after buying an additional 11,218,255 shares during the last quarter. UBS Group AG lifted its position in shares of D-Wave Quantum by 541.6% during the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after purchasing an additional 10,205,427 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of D-Wave Quantum by 11.5% during the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock valued at $220,085,000 after purchasing an additional 866,405 shares in the last quarter. State Street Corp boosted its holdings in D-Wave Quantum by 5.3% during the fourth quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after purchasing an additional 385,809 shares during the last quarter. Finally, Marex Group plc bought a new stake in D-Wave Quantum in the 2nd quarter worth about $80,070,000. Institutional investors own 42.47% of the company’s stock.

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.