D-Wave Quantum (NYSE:QBTS) Shares Gap Up – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) gapped up prior to trading on Tuesday . The stock had previously closed at $7.60, but opened at $7.92. D-Wave Quantum shares last traded at $7.27, with a volume of 10,919,842 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on QBTS. B. Riley upped their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Benchmark restated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Roth Mkm boosted their price target 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. Finally, Craig Hallum raised their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum presently has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Price Performance

The company has a market capitalization of $2.25 billion, a P/E ratio of -18.54 and a beta of 1.12. The business’s 50-day moving average price is $6.67 and its two-hundred day moving average price is $4.53.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The firm had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. Research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,071,206 shares of company stock worth $46,758,181 over the last quarter. 7.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Fourth Dimension Wealth LLC bought a new stake in D-Wave Quantum during the fourth quarter worth $26,000. PNC Financial Services Group Inc. bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum in the 4th quarter valued at about $67,000. Kingsview Wealth Management LLC acquired a new position in D-Wave Quantum during the fourth quarter worth approximately $84,000. Finally, Summit Investment Advisors Inc. raised its stake in D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after buying an additional 1,766 shares during the period. 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.