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

D-Wave Quantum Inc. (NYSE:QBTS)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $8.40, but opened at $8.15. D-Wave Quantum shares last traded at $10.01, with a volume of 52,834,821 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on QBTS shares. Roth Mkm increased their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. B. Riley upped their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $3.71.

D-Wave Quantum Price Performance

The firm’s 50-day moving average is $2.53 and its two-hundred day moving average is $1.55. The company has a market cap of $1.43 billion, a P/E ratio of -15.17 and a beta of 1.79.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the sale, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 7.22% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Institutional investors have recently modified their holdings of the company. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum during the second quarter valued at approximately $45,000. SG Americas Securities LLC acquired a new stake in D-Wave Quantum in the third quarter worth about $42,000. Bogart Wealth LLC purchased a new stake in D-Wave Quantum during the 3rd quarter worth approximately $49,000. Instrumental Wealth LLC raised its holdings in shares of D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after buying an additional 25,067 shares during the last quarter. Finally, Rhumbline Advisers purchased a new position in D-Wave Quantum in the 2nd quarter worth $93,000. 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.