D-Wave Quantum (NYSE:QBTS) Shares Gap Down – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $8.69, but opened at $8.26. D-Wave Quantum shares last traded at $8.71, with a volume of 22,348,027 shares changing hands.

Analyst Ratings Changes

QBTS has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Craig Hallum raised their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Benchmark reissued a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley raised their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Finally, Roth Mkm raised their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum currently has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Price Performance

The firm has a market capitalization of $2.27 billion, a PE ratio of -20.04 and a beta of 1.12. The stock’s 50-day moving average price is $6.25 and its 200 day moving average price is $4.12.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the transaction, the insider now directly owns 37,278,688 shares of the company’s stock, valued at $228,891,144.32. This trade represents a 6.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,071,206 shares of company stock valued at $46,758,181 over the last ninety days. 7.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the company. Barclays PLC grew its holdings in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the last quarter. Silverleafe Capital Partners LLC purchased a new position in D-Wave Quantum in the fourth quarter worth $820,000. Truist Financial Corp purchased a new position in D-Wave Quantum in the fourth quarter worth $108,000. Patriot Financial Group Insurance Agency LLC purchased a new position in D-Wave Quantum in the fourth quarter worth $488,000. Finally, Jones Financial Companies Lllp grew its holdings in D-Wave Quantum by 341.7% in the fourth quarter. Jones Financial Companies Lllp now owns 23,688 shares of the company’s stock worth $199,000 after purchasing an additional 18,325 shares during the last quarter. 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.