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

D-Wave Quantum Inc. (NYSE:QBTS)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $5.79, but opened at $5.99. D-Wave Quantum shares last traded at $5.73, with a volume of 35,638,139 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. B. Riley upped their price target 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. Roth Mkm increased their price target 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. Craig Hallum raised their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Benchmark restated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum presently has an average rating of “Buy” and a consensus price target of $6.38.

D-Wave Quantum Stock Performance

The company has a market cap of $1.42 billion, a P/E ratio of -12.56 and a beta of 1.16. The firm’s 50-day simple moving average is $5.22 and its 200 day simple moving average is $2.48.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. This trade represents a 89.40 % 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. Over the last quarter, insiders sold 20,138,711 shares of company stock worth $92,022,537. 7.22% of the stock is owned by insiders.

Institutional Trading of D-Wave Quantum

Large investors have recently made changes to their positions in the company. Penserra Capital Management LLC raised its holdings 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 buying an additional 839,942 shares during the period. Geode Capital Management LLC raised its holdings 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 worth $2,513,000 after acquiring an additional 645,039 shares during the period. Marshall Wace LLP bought a new stake in D-Wave Quantum in the 2nd quarter valued at $265,000. Bank of New York Mellon Corp acquired a new position in D-Wave Quantum in the 2nd quarter worth $251,000. Finally, Squarepoint Ops LLC bought a new position in D-Wave Quantum during the 2nd quarter worth about $163,000. Institutional investors own 42.47% of the company’s stock.

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.