D-Wave Quantum (NYSE:QBTS) Shares Gap Up – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares gapped up prior to trading on Thursday . The stock had previously closed at $5.79, but opened at $5.99. D-Wave Quantum shares last traded at $5.73, with a volume of 35,638,139 shares.

Analyst Upgrades and Downgrades

QBTS has been the subject of a number of research reports. B. Riley upped their price objective on D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research report on Tuesday. Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday. Craig Hallum raised their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Roth Mkm increased 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 report on Thursday, December 12th. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus price target of $6.38.

D-Wave Quantum Price Performance

The firm has a market capitalization of $1.61 billion, a PE ratio of -14.21 and a beta of 1.16. The business has a 50-day simple moving average of $4.97 and a 200-day simple moving average of $2.41.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction dated 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 directly owns 1,000,000 shares in the company, valued at $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 20,138,711 shares of company stock worth $92,022,537 in the last ninety days. 7.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum during the third quarter valued at about $42,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum in the second quarter worth $45,000. Bogart Wealth LLC purchased a new stake in D-Wave Quantum in the third quarter valued at about $49,000. Rhumbline Advisers acquired a new stake in D-Wave Quantum in the second quarter worth about $93,000. Finally, Barclays PLC grew its stake in shares of D-Wave Quantum by 298.3% during 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 during the last quarter. 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.