D-Wave Quantum (NYSE:QBTS) Shares Gap Down – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS) shares gapped down before the market opened on Wednesday . The stock had previously closed at $9.55, but opened at $6.58. D-Wave Quantum shares last traded at $5.43, with a volume of 40,714,867 shares changing hands.

Wall Street Analysts Forecast Growth

QBTS has been the topic of several research analyst reports. Benchmark upped their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Roth Mkm upped their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley upped their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, 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. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Stock Performance

The stock has a fifty day moving average price of $4.74 and a 200-day moving average price of $2.31. The firm has a market capitalization of $1.55 billion, a PE ratio of -13.74 and a beta of 1.16.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction dated 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 sale, the insider now owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 10,081,459 shares of company stock valued at $45,337,894. 7.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of QBTS. Barclays PLC increased its holdings in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after buying an additional 89,894 shares during the period. Silverleafe Capital Partners LLC acquired a new stake in shares of D-Wave Quantum in the fourth quarter worth $820,000. Geode Capital Management LLC raised its holdings in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after purchasing an additional 645,039 shares during the last quarter. State Street Corp lifted its position in 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 purchasing an additional 17,225 shares during the period. Finally, Penserra Capital Management LLC boosted its holdings in D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 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.