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

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $9.91, but opened at $9.17. D-Wave Quantum shares last traded at $8.57, with a volume of 21,257,476 shares changing hands.

Wall Street Analysts Forecast Growth

QBTS has been the subject of a number of recent research reports. Benchmark lifted their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Craig Hallum lifted their price target 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. Roth Mkm upped their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. B. Riley lifted their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Stock Down 9.7 %

The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of -20.00 and a beta of 1.79. The business’s 50-day moving average is $3.72 and its two-hundred day moving average is $1.97.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction 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 directly owns 1,000,000 shares in the company, valued at $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 10,081,459 shares of company stock worth $45,337,894 in the last ninety days. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new stake in D-Wave Quantum during the second quarter worth about $251,000. Rhumbline Advisers purchased a new stake in shares of D-Wave Quantum in the 2nd quarter valued at approximately $93,000. Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth approximately $45,000. XTX Topco Ltd purchased a new stake in shares of D-Wave Quantum during the 2nd quarter valued at approximately $163,000. Finally, Marshall Wace LLP acquired a new position in D-Wave Quantum in the second quarter valued at approximately $265,000. Institutional investors and hedge funds 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.