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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) gapped up before the market opened 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.

Analysts Set New Price Targets

QBTS has been the subject of several research reports. Needham & Company LLC lifted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Benchmark lifted their price objective on D-Wave Quantum from $8.00 to $14.00 and gave the stock a “buy” rating in a report on Monday, May 12th. 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. Finally, B. Riley lifted their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $10.17.

D-Wave Quantum Stock Down 4.2%

The company has a market capitalization of $4.63 billion, a price-to-earnings ratio of -37.71 and a beta of 1.49. The stock has a fifty day moving average price of $11.36 and a two-hundred day moving average price of $8.15.

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

Insider Activity

In other news, CFO John M. Markovich sold 400,000 shares of the company’s stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total value of $6,920,000.00. Following the completion of the sale, the chief financial officer now owns 1,577,944 shares of the company’s stock, valued at $27,298,431.20. This represents a 20.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Roger Biscay sold 15,675 shares of the company’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 completion of the sale, the director now directly owns 203,147 shares of the company’s stock, valued at $3,368,177.26. The trade was a 7.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,358,009 shares of company stock valued at $23,282,578 over the last quarter. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently modified their holdings of QBTS. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum in the fourth quarter worth about $26,000. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum in the fourth quarter valued at about $38,000. Russell Investments Group Ltd. boosted its holdings in D-Wave Quantum by 133.9% in the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock valued at $42,000 after purchasing an additional 3,165 shares during the last quarter. Signaturefd LLC boosted its holdings in D-Wave Quantum by 106.1% in the first quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock valued at $44,000 after purchasing an additional 2,971 shares during the last quarter. Finally, Amalgamated Bank boosted its holdings in 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 last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.