D-Wave Quantum (NYSE:QBTS) Shares Gap Up – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $8.36, but opened at $8.90. D-Wave Quantum shares last traded at $9.09, with a volume of 16,408,420 shares traded.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. B. Riley raised their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Roth Mkm raised their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Needham & Company LLC restated a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Craig Hallum increased their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, Benchmark restated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Performance

The company has a market cap of $2.36 billion, a PE ratio of -20.83 and a beta of 1.12. The company has a fifty day moving average of $6.48 and a two-hundred day moving average of $4.33.

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

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $6.14, for a total value of $17,060,382.96. Following the transaction, the insider now directly owns 37,278,688 shares in the company, 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 document filed with the SEC, which is accessible through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. The trade was 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 over the last 90 days. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after purchasing an additional 3,624,407 shares during the period. Geode Capital Management LLC lifted its holdings in shares of D-Wave Quantum by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock worth $24,992,000 after buying an additional 418,468 shares during the period. Bank of America Corp DE grew its position in shares of D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after buying an additional 2,497,263 shares in the last quarter. UNICOM Systems Inc. bought a new position in shares of D-Wave Quantum during the 4th quarter worth $20,258,000. Finally, State Street Corp increased its stake in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after buying an additional 17,225 shares during the period. 42.47% of the stock is currently owned by institutional investors.

About D-Wave Quantum

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.