D-Wave Quantum (NYSE:QBTS) Shares Gap Up – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $5.79, but opened at $5.99. D-Wave Quantum shares last traded at $5.73, with a volume of 35,638,139 shares.

Analysts Set New Price Targets

A number of analysts have commented on QBTS shares. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley upped their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a report on Tuesday. Craig Hallum raised their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Roth Mkm upped their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, Benchmark reissued a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $6.38.

D-Wave Quantum Stock Performance

The business has a 50-day simple moving average of $4.97 and a 200-day simple moving average of $2.41. The company has a market cap of $1.61 billion, a price-to-earnings ratio of -14.21 and a beta of 1.16.

Insiders Place Their Bets

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the stock in a transaction on 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 owns 30,000,000 shares of the company’s stock, valued at $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold 20,138,711 shares of company stock worth $92,022,537 in the last 90 days. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp acquired a new stake in D-Wave Quantum during the 2nd quarter worth $251,000. Rhumbline Advisers purchased a new position in shares of D-Wave Quantum during the second quarter worth about $93,000. Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum during the second quarter worth about $45,000. XTX Topco Ltd acquired a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $163,000. Finally, Marshall Wace LLP purchased a new position in D-Wave Quantum during the 2nd quarter worth approximately $265,000. Institutional investors and hedge funds 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.