D-Wave Quantum (NYSE:QBTS) Shares Gap Down – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) gapped down prior to trading on Tuesday . The stock had previously closed at $4.90, but opened at $4.47. D-Wave Quantum shares last traded at $4.72, with a volume of 14,017,156 shares trading hands.

Wall Street Analyst Weigh In

QBTS has been the subject of several research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. B. Riley raised their price target 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. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Craig Hallum increased their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, Benchmark reissued a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Six research analysts have rated the stock with a buy rating, According to 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 Trading Up 9.3 %

The firm has a market cap of $1.44 billion, a PE ratio of -12.81 and a beta of 1.10. The company has a 50-day simple moving average of $6.59 and a 200 day simple moving average of $3.59.

Insider Buying and Selling

In related news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ameriflex Group Inc. acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $205,000. Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $26,000. Voloridge Investment Management LLC acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $2,063,000. Squarepoint Ops LLC acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $1,989,000. Finally, Tidal Investments LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $104,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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.