D-Wave Quantum (NYSE:QBTS) Shares Gap Up - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) 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.

Analysts Set New Price Targets

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

D-Wave Quantum Stock Down 9.2 %

The firm has a market capitalization of $1.42 billion, a PE ratio of -12.56 and a beta of 1.16. The firm's fifty day simple moving average is $5.22 and its 200-day simple moving average is $2.48.

Insiders Place Their Bets

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

Institutional Trading of D-Wave Quantum

A number of large investors have recently made changes to their positions in the stock. Penserra Capital Management LLC grew its position in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after buying an additional 839,942 shares during the period. Geode Capital Management LLC grew its position in 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 valued at $2,513,000 after buying an additional 645,039 shares during the period. Marshall Wace LLP bought a new stake in D-Wave Quantum during the second quarter valued at approximately $265,000. Bank of New York Mellon Corp bought a new stake in D-Wave Quantum during the second quarter valued at approximately $251,000. Finally, Squarepoint Ops LLC bought a new stake in D-Wave Quantum during the second quarter valued at approximately $163,000. 42.47% of the stock is currently owned by 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.