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

D-Wave Quantum Inc. (NYSE:QBTS) gapped up prior to trading on Tuesday . The stock had previously closed at $7.23, but opened at $8.09. D-Wave Quantum shares last traded at $8.32, with a volume of 54,284,076 shares trading hands.

Analyst Ratings Changes

A number of research firms have recently commented on QBTS. B. Riley boosted their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Monday, November 25th. Roth Mkm boosted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $3.71.

D-Wave Quantum Stock Performance

The stock has a market capitalization of $1.66 billion, a PE ratio of -19.40 and a beta of 1.79. The stock has a 50-day moving average price of $2.11 and a two-hundred day moving average price of $1.42.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in QBTS. Barclays PLC grew its position in D-Wave Quantum by 298.3% during 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 during the last quarter. Geode Capital Management LLC increased its position in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares during the period. State Street Corp raised its stake in D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Penserra Capital Management LLC grew its stake in D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares during the last quarter. Finally, Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum during the third quarter worth about $49,000. 42.47% of the stock is currently owned by 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.