D-Wave Quantum (NYSE:QBTS) Shares Gap Up - Time to Buy?

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 $5.79, but opened at $5.99. D-Wave Quantum shares last traded at $5.73, with a volume of 35,638,139 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Benchmark restated a "buy" rating and issued a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday. Craig Hallum boosted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Needham & Company LLC reissued a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. B. Riley raised their price objective on D-Wave Quantum from $4.50 to $9.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Roth Mkm raised their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $6.38.

D-Wave Quantum Trading Up 0.1 %

The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -13.80 and a beta of 1.16. The company has a 50 day simple moving average of $5.06 and a 200-day simple moving average of $2.43.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the business's stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now directly owns 30,000,000 shares of the company's stock, valued at $122,100,000. The trade was a 19.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have sold 20,138,711 shares of company stock worth $92,022,537. Corporate insiders own 7.22% of the company's stock.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the stock. Arkadios Wealth Advisors acquired a new stake in D-Wave Quantum in the fourth quarter valued at $162,000. Sovereign Financial Group Inc. acquired a new position in D-Wave Quantum during the fourth quarter worth approximately $179,000. Silverleafe Capital Partners LLC bought a new stake in D-Wave Quantum in the fourth quarter valued at approximately $820,000. Barclays PLC lifted its position in shares of D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after buying an additional 89,894 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after buying an additional 645,039 shares during the last quarter. 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.