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

D-Wave Quantum Inc. (NYSE:QBTS) gapped up prior to trading on Tuesday . The stock had previously closed at $7.23, but opened at $8.09. D-Wave Quantum shares last traded at $8.32, with a volume of 54,284,076 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. B. Riley raised their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Roth Mkm increased their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus price target of $3.71.

D-Wave Quantum Price Performance

The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of -21.33 and a beta of 1.79. The firm has a 50-day moving average of $2.42 and a 200 day moving average of $1.52.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the sale, the insider now owns 18,730,193 shares in the company, valued at $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 7.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new position in shares of D-Wave Quantum in the second quarter valued at approximately $251,000. Instrumental Wealth LLC boosted its position in shares of D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after acquiring an additional 25,067 shares during the period. Rhumbline Advisers acquired a new position in shares of D-Wave Quantum in the second quarter valued at about $93,000. Thoroughbred Financial Services LLC bought a new position in D-Wave Quantum during the second quarter worth about $45,000. Finally, XTX Topco Ltd acquired a new stake in D-Wave Quantum in the 2nd quarter worth about $163,000. 42.47% of the stock is owned by 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.