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

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $9.55, but opened at $6.58. D-Wave Quantum shares last traded at $5.43, with a volume of 40,714,867 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on QBTS. Craig Hallum lifted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm boosted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Benchmark increased their price target on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, B. Riley increased their target price on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $5.63.

D-Wave Quantum Stock Performance

The company has a market cap of $1.43 billion, a P/E ratio of -12.69 and a beta of 1.16. The business has a 50 day moving average price of $4.54 and a two-hundred day moving average price of $2.26.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $6.68, for a total value of $6,680,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders sold 10,081,459 shares of company stock worth $45,337,894. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently modified their holdings of the company. Silverleafe Capital Partners LLC purchased a new stake in D-Wave Quantum in the fourth quarter worth about $820,000. Geode Capital Management LLC grew its position in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares in the last quarter. State Street Corp increased its holdings in shares of D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares during the last quarter. Penserra Capital Management LLC lifted its position in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new position in D-Wave Quantum during the second quarter valued at approximately $163,000. 42.47% of the stock is owned by 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.