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

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $8.36, but opened at $8.90. D-Wave Quantum shares last traded at $9.09, with a volume of 16,408,420 shares.

Analyst Ratings Changes

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

D-Wave Quantum Trading Down 2.7 %

The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -19.15 and a beta of 1.12. The firm's 50 day simple moving average is $6.58 and its two-hundred day simple moving average is $4.38.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly 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 firm had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. As a group, equities research analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

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Insider Activity

In other news, CEO Alan E. Baratz sold 8,372 shares of the business's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value 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 approximately $12,343,436.16. The trade was a 0.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now directly owns 30,000,000 shares of the company's stock, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 10,071,206 shares of company stock worth $46,758,181. 7.22% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after buying an additional 3,624,407 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after acquiring an additional 2,497,263 shares during the last quarter. UNICOM Systems Inc. acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $20,258,000. Geode Capital Management LLC grew its holdings in shares of D-Wave Quantum by 33.8% during the 3rd 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. Finally, Raymond James Financial Inc. bought a new stake in shares of D-Wave Quantum during the 4th quarter valued at approximately $2,087,000. Institutional investors 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.