D-Wave Quantum (NYSE:QBTS) Shares Gap Up – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price gapped up prior to trading 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 traded.

Analysts Set New Price Targets

QBTS has been the topic of a number of research analyst reports. B. Riley boosted their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday. Roth Mkm boosted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday. Needham & Company LLC reissued a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a research note on Friday. Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday. Finally, Craig Hallum boosted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock 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 data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Price Performance

The stock has a market capitalization of $2.74 billion, a PE ratio of -24.25 and a beta of 1.12. The firm has a fifty day moving average price of $6.07 and a two-hundred day moving average price of $3.86.

Insiders Place Their Bets

In related news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the completion of the sale, the insider now directly owns 37,278,688 shares of the company’s stock, valued at approximately $228,891,144.32. This trade represents a 6.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,071,206 shares of company stock worth $53,438,181 over the last quarter. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after buying an additional 3,624,407 shares during the period. Penserra Capital Management LLC raised its holdings in shares of D-Wave Quantum by 23.0% in the 3rd 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 in the last quarter. Geode Capital Management LLC lifted its position in shares of D-Wave Quantum by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock worth $24,992,000 after purchasing an additional 418,468 shares during the period. Bank of America Corp DE lifted its position in shares of D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after purchasing an additional 2,497,263 shares during the period. Finally, UNICOM Systems Inc. bought a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $20,258,000. 42.47% of the stock is currently owned by hedge funds and other 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.