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

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $14.64, but opened at $15.20. D-Wave Quantum shares last traded at $14.79, with a volume of 16,473,961 shares.

Analysts Set New Price Targets

Several equities analysts have weighed in on QBTS shares. Williams Trading set a $20.00 price objective on D-Wave Quantum in a report on Wednesday, June 18th. Cantor Fitzgerald assumed coverage on D-Wave Quantum in a research report on Wednesday. They set an "overweight" rating and a $20.00 price target on the stock. B. Riley restated a "buy" rating and issued a $20.00 price objective (up from $13.00) on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Finally, Roth Mkm lifted their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $14.38.

D-Wave Quantum Stock Performance

The business's fifty day moving average price is $13.54 and its 200-day moving average price is $9.21. The company has a debt-to-equity ratio of 0.15, a current ratio of 20.73 and a quick ratio of 20.61. The stock has a market capitalization of $4.57 billion, a PE ratio of -26.09 and a beta of 1.41.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $15.00 million for the quarter, compared to analysts' expectations of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. As a group, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 58,644 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.21, for a total transaction of $950,619.24. Following the transaction, the director directly owned 132,673 shares of the company's stock, valued at approximately $2,150,629.33. The trade was a 30.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 400,000 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the completion of the sale, the chief financial officer directly owned 1,577,944 shares of the company's stock, valued at approximately $27,298,431.20. This represents a 20.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock valued at $27,872,091 over the last quarter. Company insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers boosted its position in D-Wave Quantum by 75.6% during the 4th quarter. Rhumbline Advisers now owns 133,405 shares of the company's stock valued at $1,121,000 after acquiring an additional 57,438 shares in the last quarter. Truist Financial Corp purchased a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $108,000. Bank of New York Mellon Corp boosted its position in shares of D-Wave Quantum by 40.9% during the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock valued at $1,845,000 after purchasing an additional 63,799 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $1,061,000. Finally, Jacobi Capital Management LLC raised its holdings in D-Wave Quantum by 107.4% in the fourth quarter. Jacobi Capital Management LLC now owns 25,100 shares of the company's stock worth $211,000 after purchasing an additional 13,000 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company's stock.

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.