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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) gapped down prior to trading on Tuesday . The stock had previously closed at $4.90, but opened at $4.47. D-Wave Quantum shares last traded at $4.72, with a volume of 14,017,156 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on QBTS shares. B. Riley boosted their target price on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Roth Mkm boosted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Benchmark reaffirmed a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Craig Hallum lifted their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Price Performance

The company has a market capitalization of $1.44 billion, a PE ratio of -12.81 and a beta of 1.10. The company’s fifty day moving average is $6.59 and its 200-day moving average is $3.59.

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 shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the transaction, the insider now directly owns 1,000,000 shares in the company, 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 sold 20,152,665 shares of company stock worth $92,096,075 in the last three months. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Barclays PLC grew its stake in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares during the last quarter. Silverleafe Capital Partners LLC purchased a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $820,000. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $488,000. Stephens Inc. AR purchased a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $494,000. Finally, Geode Capital Management LLC raised its position in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares during the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.