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 Friday . The stock had previously closed at $6.10, but opened at $6.34. D-Wave Quantum shares last traded at $6.07, with a volume of 23,524,127 shares.

Analyst Ratings Changes

A number of research firms have weighed in on QBTS. Needham & Company LLC reissued a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley boosted their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Monday, November 25th. Roth Mkm lifted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Craig Hallum boosted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, Benchmark raised their target price on D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Trading Up 9.0 %

The firm has a market capitalization of $1.79 billion, a P/E ratio of -15.83 and a beta of 1.16. The company has a 50 day simple moving average of $4.74 and a two-hundred day simple moving average of $2.31.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the transaction, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders sold 10,081,459 shares of company stock worth $45,337,894. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently bought and sold shares of QBTS. SG Americas Securities LLC purchased a new stake in D-Wave Quantum during the 3rd quarter valued at $42,000. Thoroughbred Financial Services LLC bought a new position in D-Wave Quantum during the second quarter valued at $45,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum in the third quarter valued at $49,000. Rhumbline Advisers bought a new stake in shares of D-Wave Quantum in the 2nd quarter worth about $93,000. Finally, Barclays PLC boosted its stake in shares of D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the period. Hedge funds and other institutional investors 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.