D-Wave Quantum (NYSE:QBTS) Shares Down 27.7% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS) dropped 27.7% during trading on Monday . The stock traded as low as $4.03 and last traded at $4.17. Approximately 47,761,019 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 85,795,711 shares. The stock had previously closed at $5.77.

Analysts Set New Price Targets

QBTS has been the topic of several recent research reports. B. Riley raised their price objective on D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday. Craig Hallum increased their target price 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. Roth Mkm increased their target price 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. Benchmark restated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday. Finally, Needham & Company LLC restated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Buy” and a consensus target price of $6.38.

D-Wave Quantum Stock Performance

The company has a fifty day moving average of $4.97 and a two-hundred day moving average of $2.41. The company has a market cap of $1.60 billion, a PE ratio of -14.17 and a beta of 1.16.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 20,138,711 shares of company stock worth $92,022,537. Company insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Barclays PLC increased its stake in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the period. Silverleafe Capital Partners LLC purchased a new stake in D-Wave Quantum in the fourth quarter worth $820,000. Geode Capital Management LLC increased its stake 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 worth $2,513,000 after purchasing an additional 645,039 shares during the period. State Street Corp increased its stake 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 worth $1,986,000 after purchasing an additional 17,225 shares during the period. Finally, Penserra Capital Management LLC increased its stake in 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 purchasing an additional 839,942 shares during the period. 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.