D-Wave Quantum (NYSE:QBTS) Shares Gap Down – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares gapped down prior to trading on Monday . The stock had previously closed at $9.91, but opened at $9.17. D-Wave Quantum shares last traded at $8.57, with a volume of 21,257,476 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on QBTS. B. Riley lifted their price target on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Benchmark boosted their target price on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm lifted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Finally, Craig Hallum increased their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum has an average rating of “Buy” and an average price target of $5.63.

D-Wave Quantum Price Performance

The stock has a market capitalization of $2.10 billion, a P/E ratio of -22.31 and a beta of 1.79. The stock has a fifty day moving average price of $3.41 and a 200 day moving average price of $1.86.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total value of $6,680,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 10,081,459 shares of company stock worth $45,337,894 in the last three months. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new stake in D-Wave Quantum during the 3rd quarter valued at about $42,000. Thoroughbred Financial Services LLC purchased a new position in shares of D-Wave Quantum in the second quarter worth $45,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum during the 3rd quarter valued at about $49,000. Rhumbline Advisers bought a new position in D-Wave Quantum during the second quarter valued at approximately $93,000. Finally, Barclays PLC grew its position in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the period. 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.