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

D-Wave Quantum Inc. (NYSE:QBTS) shares gapped down before the market opened on Friday . The stock had previously closed at $8.69, but opened at $8.26. D-Wave Quantum shares last traded at $8.71, with a volume of 22,348,027 shares.

Analyst Ratings Changes

A number of analysts have commented on QBTS shares. Roth Mkm boosted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Needham & Company LLC reiterated a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Benchmark reiterated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Craig Hallum upped their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, B. Riley upped their target price 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. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Stock Down 3.6 %

The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of -19.94 and a beta of 1.12. The company has a 50 day simple moving average of $6.31 and a 200 day simple moving average of $4.20.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. On average, research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was 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 owns 30,000,000 shares of the company’s stock, valued at $122,100,000. This represents a 19.53 % 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, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of 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 disclosure for this sale can be found here. Insiders sold 10,071,206 shares of company stock worth $46,758,181 over the last three months. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently modified their holdings of QBTS. Penserra Capital Management LLC boosted its position in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the period. State Street Corp boosted its holdings in D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after purchasing an additional 17,225 shares during the last quarter. Barclays PLC boosted its holdings in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares during the last quarter. Geode Capital Management LLC boosted its holdings in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares during the last quarter. Finally, Silverleafe Capital Partners LLC purchased a new position in D-Wave Quantum in the fourth quarter valued at about $820,000. 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.