D-Wave Quantum (NYSE:QBTS) Shares Gap Down - Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $8.69, but opened at $8.26. D-Wave Quantum shares last traded at $8.71, with a volume of 22,348,027 shares.

Wall Street Analysts Forecast Growth

QBTS has been the topic of several recent research reports. B. Riley raised their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Roth Mkm boosted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Craig Hallum upped their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Benchmark reissued a "buy" rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $8.50 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum has a consensus rating of "Buy" and an average target price of $8.42.

D-Wave Quantum Stock Performance

The stock's fifty day simple moving average is $6.31 and its two-hundred day simple moving average is $4.22. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of -20.02 and a beta of 1.12.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to analysts' expectations of $2.23 million. On average, equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company's stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the sale, the insider now directly owns 30,000,000 shares of the company's stock, valued at approximately $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,071,206 shares of company stock valued at $46,758,181 in the last three months. 7.22% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Hedge funds have recently modified their holdings of the business. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at $26,000. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum during the 4th quarter valued at about $38,000. Heritage Wealth Advisors acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at about $67,000. Kingsview Wealth Management LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at about $84,000. Finally, Summit Investment Advisors Inc. lifted its position in shares of D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after purchasing an additional 1,766 shares in the last quarter. 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.