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

D-Wave Quantum Inc. (NYSE:QBTS) gapped up before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

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

D-Wave Quantum Trading Up 0.3 %

The company has a 50-day moving average of $6.48 and a 200-day moving average of $4.33. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of -20.83 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) 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 analysts’ expectations of $2.23 million. On average, research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the sale, the insider now owns 30,000,000 shares of the company’s stock, valued at $122,100,000. The trade was a 19.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $29,417.14. Following the completion of the transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,071,206 shares of company stock valued at $46,758,181. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter worth $26,000. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum during the 4th quarter worth about $38,000. Heritage Wealth Advisors purchased a new position in shares of D-Wave Quantum during the 4th quarter valued at about $67,000. Kingsview Wealth Management LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at about $84,000. Finally, Summit Investment Advisors Inc. boosted its stake in shares of D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after buying an additional 1,766 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.