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

D-Wave Quantum Inc. (NYSE:QBTS) gapped up prior to trading on Tuesday . The stock had previously closed at $5.58, but opened at $5.88. D-Wave Quantum shares last traded at $5.77, with a volume of 9,560,857 shares.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Needham & Company LLC restated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. B. Riley raised their target price on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Craig Hallum boosted 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 note on Friday, December 20th. Roth Mkm increased their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, Benchmark reaffirmed a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus price target of $6.38.

D-Wave Quantum Trading Down 4.0 %

The company has a fifty day moving average of $5.82 and a two-hundred day moving average of $2.73.

Insider Buying and Selling

In related news, CFO John M. Markovich sold 5,582 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the transaction, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the sale, the insider now owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,152,665 shares of company stock valued at $92,096,075 in the last ninety days. 7.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Kingsview Wealth Management LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth about $84,000. Spire Wealth Management purchased a new stake in D-Wave Quantum during the 4th quarter worth approximately $90,000. Vontobel Holding Ltd. acquired a new position in D-Wave Quantum during the 4th quarter valued at approximately $105,000. Sonora Investment Management Group LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth $135,000. Finally, State Street Corp grew its holdings 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 last quarter. 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.