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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) gapped up prior to trading on Wednesday . The stock had previously closed at $6.29, but opened at $7.00. D-Wave Quantum shares last traded at $6.49, with a volume of 41,278,022 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Roth Mkm increased their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. B. Riley increased their target price on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Needham & Company LLC reiterated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum increased their target price on shares of 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 set a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. 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 target price of $6.38.

D-Wave Quantum Price Performance

The stock’s 50-day moving average price is $5.39 and its 200-day moving average price is $2.57. The company has a market cap of $1.69 billion, a P/E ratio of -14.96 and a beta of 1.16.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum 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 directly owns 30,000,000 shares in the company, valued at $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 is available at this link. Insiders sold a total of 20,138,711 shares of company stock valued at $92,022,537 over the last quarter. 7.22% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of QBTS. Penserra Capital Management LLC boosted its position in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after purchasing an additional 645,039 shares in the last quarter. Marshall Wace LLP bought a new position in shares of D-Wave Quantum during the 2nd quarter worth about $265,000. Bank of New York Mellon Corp bought a new position in shares of D-Wave Quantum during the 2nd quarter worth about $251,000. Finally, Squarepoint Ops LLC bought a new position in D-Wave Quantum in the 2nd quarter valued at about $163,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.