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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) gapped up prior to trading on Tuesday . The stock had previously closed at $7.60, but opened at $7.92. D-Wave Quantum shares last traded at $7.27, with a volume of 10,919,842 shares changing hands.

Analyst Upgrades and Downgrades

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

D-Wave Quantum Stock Down 1.2 %

The business’s fifty day moving average price is $6.71 and its 200 day moving average price is $4.59. The firm has a market capitalization of $2.14 billion, a PE ratio of -17.45 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Alan E. Baratz sold 8,372 shares of the company’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 sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock in a transaction on Friday, January 10th. The shares were sold at an average price of $6.14, for a total value of $17,060,382.96. Following the completion of the transaction, the insider now owns 37,278,688 shares in the company, valued at $228,891,144.32. The trade was a 6.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,071,206 shares of company stock worth $46,758,181. 7.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently modified their holdings of the company. State Street Corp increased its position 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 worth $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Barclays PLC increased its position in shares of D-Wave Quantum by 298.3% in 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. Geode Capital Management LLC increased its position in shares of D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares in the last quarter. Silverleafe Capital Partners LLC purchased a new position in shares of D-Wave Quantum in the 4th quarter valued at $820,000. Finally, Sovereign Financial Group Inc. acquired a new position in shares of D-Wave Quantum during the 4th quarter valued at $179,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.