D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.6% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) shares were down 2.6% during trading on Wednesday . The company traded as low as $5.51 and last traded at $5.59. Approximately 20,295,780 shares were traded during trading, a decline of 81% from the average daily volume of 104,162,547 shares. The stock had previously closed at $5.74.

Analyst Ratings Changes

A number of research analysts have commented on QBTS shares. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley upped their price target on D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Roth Mkm upped their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Finally, Craig Hallum upped 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $6.38.

D-Wave Quantum Stock Performance

The stock has a market cap of $1.67 billion, a P/E ratio of -14.72 and a beta of 1.16. The firm has a 50-day moving average price of $5.97 and a 200-day moving average price of $2.77.

Insider Transactions at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now directly owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,152,665 shares of company stock valued at $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in QBTS. UNICOM Systems Inc. purchased a new stake in D-Wave Quantum during the 4th quarter valued at $20,258,000. Penserra Capital Management LLC boosted its stake in D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares during the last quarter. Geode Capital Management LLC boosted its stake in D-Wave Quantum by 33.8% during the 3rd 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. Marshall Wace LLP purchased a new stake in D-Wave Quantum during the 2nd quarter valued at $265,000. Finally, Squarepoint Ops LLC purchased a new stake in D-Wave Quantum during the 2nd quarter valued at $163,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

D-Wave Quantum Company Profile

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.