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

D-Wave Quantum Inc. (NYSE:QBTS)’s share price gapped down prior to trading 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.

Analyst Ratings Changes

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

D-Wave Quantum Stock Down 44.2 %

The firm has a market capitalization of $1.43 billion, a PE ratio of -12.69 and a beta of 1.16. The business has a 50-day moving average price of $4.54 and a 200-day moving average price of $2.26.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 10,081,459 shares of company stock worth $45,337,894 in the last quarter. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the stock. Penserra Capital Management LLC lifted its stake in 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 acquiring an additional 839,942 shares in the last quarter. Geode Capital Management LLC raised its stake in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying an additional 645,039 shares in the last quarter. State Street Corp lifted its holdings in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of D-Wave Quantum during the 2nd quarter worth about $265,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth about $251,000. 42.47% of the stock is owned by hedge funds and other 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.