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

D-Wave Quantum Inc. (NYSE:QBTS) gapped down before the market opened on Friday . The stock had previously closed at $8.69, but opened at $8.26. D-Wave Quantum shares last traded at $8.71, with a volume of 22,348,027 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on QBTS. Needham & Company LLC reissued a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Craig Hallum increased their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Benchmark reissued a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Friday, March 14th. B. Riley increased their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Finally, Roth Mkm upped their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Trading Down 3.0 %

The stock has a market capitalization of $2.27 billion, a PE ratio of -20.04 and a beta of 1.12. The firm has a 50 day moving average price of $6.25 and a 200 day moving average price of $4.12.

Insiders Place Their Bets

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the stock in a transaction on Thursday, January 23rd. The stock was 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 owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,071,206 shares of company stock worth $46,758,181. Corporate insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. 111 Capital bought a new position in shares of D-Wave Quantum during the 4th quarter valued at about $123,000. Ameriflex Group Inc. bought a new position in shares of D-Wave Quantum during the 4th quarter valued at about $205,000. Fourth Dimension Wealth LLC bought a new position in shares of D-Wave Quantum during the 4th quarter valued at about $26,000. Voloridge Investment Management LLC bought a new position in shares of D-Wave Quantum during the 4th quarter valued at about $2,063,000. Finally, Squarepoint Ops LLC bought a new position in shares of D-Wave Quantum during the 4th quarter valued at about $1,989,000. 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.