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

D-Wave Quantum Inc. (NYSE:QBTS) shares gapped up before the market opened 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 traded.

Wall Street Analyst Weigh In

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

D-Wave Quantum Stock Performance

The stock has a market cap of $1.96 billion, a price-to-earnings ratio of -17.30 and a beta of 1.10. The business’s 50 day moving average is $6.82 and its 200-day moving average is $3.35.

Insider Activity

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the transaction, the insider now directly owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,152,665 shares of company stock worth $92,096,075 over the last 90 days. 7.22% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds have recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum during the fourth quarter worth $38,000. Heritage Wealth Advisors purchased a new stake in D-Wave Quantum in the 4th quarter valued at $67,000. Kingsview Wealth Management LLC acquired a new stake in shares of D-Wave Quantum in the 4th quarter worth $84,000. Finally, Summit Investment Advisors Inc. raised its holdings in shares of D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after acquiring an additional 1,766 shares during the period. 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.