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

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $6.54, but opened at $7.27. D-Wave Quantum shares last traded at $6.72, with a volume of 35,098,023 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on QBTS. B. Riley upped their target price on D-Wave Quantum from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Benchmark reiterated a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Craig Hallum increased their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a report on Friday, December 20th. Needham & Company LLC restated a "buy" rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Roth Mkm upped their price target 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. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $6.71.

D-Wave Quantum Trading Down 1.7 %

The company has a market capitalization of $1.96 billion, a P/E ratio of -17.30 and a beta of 1.10. The company has a 50 day moving average price of $6.77 and a 200 day moving average price of $3.30.

Insider Buying and Selling at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company's stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the transaction, the insider now owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction 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. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock valued at $92,096,075 in the last quarter. 7.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently made changes to their positions in the company. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum during the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. bought a new position in D-Wave Quantum during the 4th quarter worth $38,000. SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum during the third quarter worth $42,000. Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum in the third quarter valued at about $49,000. Finally, Heritage Wealth Advisors acquired a new position in shares of D-Wave Quantum in the fourth quarter valued at about $67,000. Institutional investors and hedge funds 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.