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

D-Wave Quantum Inc. (NYSE:QBTS) gapped up prior to trading on Wednesday . The stock had previously closed at $4.68, but opened at $4.95. D-Wave Quantum shares last traded at $4.25, with a volume of 22,226,253 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently issued reports on QBTS. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm upped 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. Finally, B. Riley lifted their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum presently has an average rating of “Buy” and an average price target of $3.71.

D-Wave Quantum Stock Down 5.1 %

The company’s fifty day simple moving average is $1.91 and its two-hundred day simple moving average is $1.35. The company has a market capitalization of $875.88 million, a price-to-earnings ratio of -9.31 and a beta of 1.79.

Insider Buying and Selling at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the completion of the sale, the insider now directly owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Baader Bank Aktiengesellschaft bought a new position in shares of D-Wave Quantum during the second quarter worth about $28,000. Thoroughbred Financial Services LLC bought a new stake in shares of D-Wave Quantum in the second quarter worth $45,000. SG Americas Securities LLC acquired a new position in D-Wave Quantum during the third quarter worth $42,000. Bogart Wealth LLC bought a new position in D-Wave Quantum in the third quarter valued at $49,000. Finally, Instrumental Wealth LLC increased its stake in D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after buying an additional 25,067 shares during the last quarter. Institutional investors and hedge funds 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.