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

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $7.60, but opened at $7.92. D-Wave Quantum shares last traded at $7.27, with a volume of 10,919,842 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on QBTS. Craig Hallum increased their price target 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. Needham & Company LLC reiterated a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm boosted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. B. Riley raised their price target on 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, Benchmark reiterated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Performance

The firm has a 50 day moving average price of $6.67 and a 200-day moving average price of $4.53. The company has a market cap of $2.25 billion, a P/E ratio of -18.54 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. On average, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $6.14, for a total value of $17,060,382.96. Following the completion of the sale, the insider now directly owns 37,278,688 shares of the company’s stock, valued at approximately $228,891,144.32. This represents a 6.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,071,206 shares of company stock valued at $46,758,181 in the last quarter. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently made changes to their positions in QBTS. State Street Corp grew its holdings in shares of D-Wave Quantum by 0.9% in the 3rd 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. Barclays PLC raised its stake in shares of D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after acquiring an additional 89,894 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares in the last quarter. Silverleafe Capital Partners LLC bought a new position in D-Wave Quantum in the 4th quarter valued at $820,000. Finally, Sovereign Financial Group Inc. bought a new position in shares of D-Wave Quantum in the fourth quarter valued at about $179,000. 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.