D-Wave Quantum (NYSE:QBTS) Shares Gap Up – Should You Buy?

by · The Markets Daily

D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $5.82, but opened at $6.06. D-Wave Quantum shares last traded at $6.53, with a volume of 26,353,386 shares.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Roth Mkm lifted 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 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. B. Riley lifted their price target 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. Benchmark reissued a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $6.71.

Read Our Latest Analysis on D-Wave Quantum

D-Wave Quantum Stock Up 14.7 %

The stock has a market cap of $1.80 billion, a price-to-earnings ratio of -15.76 and a beta of 1.12. The business’s 50 day simple moving average is $6.10 and its 200 day simple moving average is $3.78.

D-Wave Quantum (NYSE:QBTS – Get Free Report) last released its quarterly earnings results 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). Equities research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The disclosure for this sale can be found here. Insiders have sold 11,071,206 shares of company stock worth $53,438,181 over the last ninety days. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

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

About D-Wave Quantum

(Get Free Report)

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.

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