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

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $5.58, but opened at $5.88. D-Wave Quantum shares last traded at $5.77, with a volume of 9,560,857 shares traded.

Analyst Ratings Changes

Several research firms have weighed in on QBTS. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. Needham & Company LLC reiterated a "buy" rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley upped their price target on D-Wave Quantum from $4.50 to $9.00 and gave the company a "buy" rating in a research report on Tuesday, January 14th. Craig Hallum raised their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Finally, Benchmark reiterated a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $6.38.

D-Wave Quantum Stock Up 2.1 %

The stock has a fifty day simple moving average of $5.90 and a 200-day simple moving average of $2.75. The company has a market capitalization of $1.52 billion, a P/E ratio of -13.42 and a beta of 1.16.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the business'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 transaction, the insider now owns 30,000,000 shares in the company, valued at approximately $122,100,000. The trade was a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John M. Markovich sold 5,582 shares of the business's stock in a transaction on Thursday, January 23rd. The shares were 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 of the company's stock, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,152,665 shares of company stock worth $92,096,075. Corporate insiders own 7.22% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently bought and sold shares of QBTS. bLong Financial LLC acquired a new position in shares of D-Wave Quantum during the 4th quarter worth about $192,000. Rhumbline Advisers increased its position in D-Wave Quantum by 75.6% during the fourth quarter. Rhumbline Advisers now owns 133,405 shares of the company's stock worth $1,121,000 after buying an additional 57,438 shares during the last quarter. Vontobel Holding Ltd. acquired a new position in D-Wave Quantum during the fourth quarter worth approximately $105,000. UNICOM Systems Inc. bought a new stake in D-Wave Quantum in the fourth quarter valued at approximately $20,258,000. Finally, Stephens Inc. AR acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $494,000. 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.