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

D-Wave Quantum Inc. (NYSE:QBTS)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $5.58, but opened at $5.88. D-Wave Quantum shares last traded at $5.77, with a volume of 9,560,857 shares traded.

Analyst Upgrades and Downgrades

QBTS has been the subject of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. B. Riley lifted their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Benchmark reiterated a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Finally, Craig Hallum lifted 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 note on Friday, December 20th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum has an average rating of “Buy” and a consensus target price of $6.38.

D-Wave Quantum Stock Performance

The firm has a market cap of $1.51 billion, a P/E ratio of -13.39 and a beta of 1.16. The stock’s 50 day simple moving average is $5.73 and its 200 day simple moving average is $2.70.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of D-Wave Quantum stock in a transaction on Friday, December 20th. The shares were sold at an average price of $6.68, for a total transaction of $6,680,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction dated 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 in the company, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,152,665 shares of company stock worth $92,096,075. 7.22% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in the business. Penserra Capital Management LLC lifted its holdings in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares during the last quarter. Geode Capital Management LLC lifted its holdings in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares during the last quarter. State Street Corp lifted its holdings in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after purchasing an additional 17,225 shares during the last quarter. Marshall Wace LLP purchased a new stake in D-Wave Quantum during the second quarter valued at about $265,000. Finally, Squarepoint Ops LLC purchased a new stake in D-Wave Quantum during the second quarter valued at about $163,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.