D-Wave Quantum (NYSE:QBTS) Shares Gap Up - Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $7.23, but opened at $8.09. D-Wave Quantum shares last traded at $8.32, with a volume of 54,284,076 shares trading hands.

Analyst Ratings Changes

QBTS has been the topic of a number of research reports. B. Riley raised their target price 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. Needham & Company LLC reissued a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, 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 report on Thursday, December 12th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum presently has an average rating of "Buy" and an average target price of $3.71.

D-Wave Quantum Price Performance

The stock's 50-day moving average is $2.11 and its 200 day moving average is $1.42. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of -19.40 and a beta of 1.79.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the sale, the insider now owns 1,000,000 shares in the company, valued at $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 7.22% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock valued at $1,986,000 after buying an additional 17,225 shares during the last quarter. Instrumental Wealth LLC raised its position in shares of D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company's stock worth $62,000 after buying an additional 25,067 shares during the period. Thoroughbred Financial Services LLC acquired a new position in shares of D-Wave Quantum in the 2nd quarter valued at about $45,000. SG Americas Securities LLC acquired a new position in D-Wave Quantum during the third quarter valued at approximately $42,000. Finally, Bogart Wealth LLC acquired a new position in shares of D-Wave Quantum during the 3rd quarter valued at $49,000. 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.