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

D-Wave Quantum Inc. (NYSE:QBTS) 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 traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Roth Mkm raised 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. Benchmark reissued 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 set a $8.50 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Craig Hallum lifted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, B. Riley lifted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and a consensus target price of $8.42.

D-Wave Quantum Stock Down 3.6 %

The company has a market cap of $2.25 billion, a price-to-earnings ratio of -19.94 and a beta of 1.12. The firm 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 released its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (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 analyst estimates of $2.23 million. As a group, research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $6.14, for a total value of $17,060,382.96. Following the transaction, the insider now owns 37,278,688 shares of the company’s stock, valued at approximately $228,891,144.32. The trade was a 6.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction that occurred on 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 directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,071,206 shares of company stock valued at $46,758,181. Company insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Institutional investors have recently modified their holdings of the business. Barclays PLC boosted its stake in shares of 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 buying an additional 89,894 shares in the last quarter. Silverleafe Capital Partners LLC purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $820,000. Truist Financial Corp purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $108,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $488,000. Finally, Jones Financial Companies Lllp boosted its stake in shares of D-Wave Quantum by 341.7% in the fourth quarter. Jones Financial Companies Lllp now owns 23,688 shares of the company’s stock valued at $199,000 after buying an additional 18,325 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other 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.