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

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $5.79, but opened at $5.99. D-Wave Quantum shares last traded at $5.73, with a volume of 35,638,139 shares.

Analysts Set New Price Targets

A number of research firms have recently issued reports on QBTS. 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 report on Thursday, December 12th. Needham & Company LLC reissued a "buy" rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley increased their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a "buy" rating in a research note on Tuesday. Craig Hallum upped their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Finally, Benchmark restated a "buy" rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Tuesday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $6.38.

D-Wave Quantum Stock Down 9.2 %

The business has a fifty day moving average of $5.22 and a 200 day moving average of $2.48. The firm has a market cap of $1.42 billion, a P/E ratio of -12.56 and a beta of 1.16.

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 firm'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 transaction of $29,624,260.16. Following the completion of the sale, the insider now directly owns 30,000,000 shares in the company, valued at $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders sold 20,138,711 shares of company stock worth $92,022,537. 7.22% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new stake in D-Wave Quantum in the 2nd quarter worth about $251,000. Rhumbline Advisers bought a new stake in shares of D-Wave Quantum during the 2nd quarter valued at $93,000. XTX Topco Ltd acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth $163,000. Marshall Wace LLP acquired a new stake in D-Wave Quantum during the second quarter worth about $265,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth approximately $163,000. 42.47% of the stock is currently owned by 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.

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