D-Wave Quantum (NYSE:QBTS) Shares Gap Up - Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $7.60, but opened at $7.92. D-Wave Quantum shares last traded at $7.27, with a volume of 10,919,842 shares.

Analysts Set New Price Targets

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

D-Wave Quantum Trading Down 2.4 %

The company has a 50-day moving average of $6.71 and a 200-day moving average of $4.59. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of -17.06 and a beta of 1.12.

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

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Insiders Place Their Bets

In other news, CFO John M. Markovich sold 5,582 shares of the firm's stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value 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 $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the sale, the insider now owns 30,000,000 shares in the company, valued at approximately $122,100,000. This represents a 19.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,071,206 shares of company stock valued at $46,758,181. Insiders own 7.22% of the company's stock.

Institutional Trading of D-Wave Quantum

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