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

D-Wave Quantum Inc. (NYSE:QBTS)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $6.54, but opened at $7.27. D-Wave Quantum shares last traded at $6.72, with a volume of 35,098,023 shares traded.

Analyst Ratings Changes

QBTS has been the topic of a number of analyst reports. B. Riley raised their target price on shares of D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC reiterated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. Craig Hallum increased their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Roth Mkm increased their price objective 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. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has an average rating of “Buy” and an average price target of $6.71.

D-Wave Quantum Stock Performance

The company has a market cap of $1.92 billion, a price-to-earnings ratio of -17.16 and a beta of 1.10. The company’s 50 day moving average price is $6.70 and its 200-day moving average price is $3.27.

Insider Buying and Selling

In related news, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the business’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now directly owns 30,000,000 shares of the company’s stock, valued at $122,100,000. This represents a 19.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,152,665 shares of company stock worth $92,096,075 in the last three months. 7.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new stake in D-Wave Quantum during the third quarter worth $42,000. Bogart Wealth LLC acquired a new position in D-Wave Quantum during the third quarter valued at approximately $49,000. Penserra Capital Management LLC raised 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 worth $4,409,000 after buying an additional 839,942 shares during the period. State Street Corp grew its position in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after purchasing an additional 17,225 shares during the period. Finally, Barclays PLC increased its position in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares in the last quarter. Institutional investors own 42.47% of the company’s stock.

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.