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

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price gapped up prior to trading 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.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on QBTS shares. Roth Mkm raised their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. 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 report on Friday, December 20th. B. Riley lifted their price target on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Stock Performance

The stock has a market cap of $1.96 billion, a PE ratio of -17.30 and a beta of 1.10. The firm has a fifty day moving average price of $6.82 and a 200 day moving average price of $3.35.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,152,665 shares of company stock worth $92,096,075. 7.22% of the stock is owned by insiders.

Institutional Trading of D-Wave Quantum

Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in shares of D-Wave Quantum in the third quarter worth about $42,000. Bogart Wealth LLC acquired a new position in D-Wave Quantum in the 3rd quarter worth approximately $49,000. Penserra Capital Management LLC raised its position 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 last quarter. State Street Corp lifted its stake in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares during the period. Finally, Barclays PLC boosted its holdings in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after acquiring an additional 89,894 shares during the last quarter. 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.