D-Wave Quantum (NYSE:QBTS) Shares Gap Up - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $16.93, but opened at $17.44. D-Wave Quantum shares last traded at $17.26, with a volume of 24,091,953 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on QBTS shares. B. Riley increased their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Benchmark boosted their price target on D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Needham & Company LLC upped their price target on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Roth Mkm lifted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum has a consensus rating of "Buy" and a consensus price target of $10.17.

D-Wave Quantum Stock Down 4.2%

The company has a market cap of $4.63 billion, a P/E ratio of -37.71 and a beta of 1.49. The company has a fifty day moving average of $11.18 and a 200 day moving average of $8.06.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. As a group, research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling at D-Wave Quantum

In related news, Director Roger Biscay sold 15,675 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total value of $259,891.50. Following the sale, the director now directly owns 203,147 shares in the company, valued at approximately $3,368,177.26. The trade was a 7.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 845,813 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total value of $14,378,821.00. Following the completion of the sale, the chief executive officer now directly owns 2,866,412 shares in the company, valued at approximately $48,729,004. The trade was a 22.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,358,009 shares of company stock valued at $23,282,578 over the last 90 days. 7.22% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently modified their holdings of the business. Fourth Dimension Wealth LLC bought a new position in shares of D-Wave Quantum in the fourth quarter worth about $26,000. PNC Financial Services Group Inc. bought a new position in D-Wave Quantum in the 4th quarter worth about $38,000. Russell Investments Group Ltd. raised its stake in shares of D-Wave Quantum by 133.9% during the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock valued at $42,000 after acquiring an additional 3,165 shares in the last quarter. Signaturefd LLC raised its stake in shares of D-Wave Quantum by 106.1% during the first quarter. Signaturefd LLC now owns 5,771 shares of the company's stock valued at $44,000 after acquiring an additional 2,971 shares in the last quarter. Finally, Amalgamated Bank boosted its holdings in shares of D-Wave Quantum by 107.8% in the first quarter. Amalgamated Bank now owns 6,296 shares of the company's stock valued at $48,000 after purchasing an additional 3,266 shares during the period. 42.47% of the stock is owned by 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.