D-Wave Quantum (NYSE:QBTS) Trading Down 3.5% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price dropped 3.5% during mid-day trading on Thursday . The stock traded as low as $6.07 and last traded at $6.04. Approximately 29,112,695 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 94,269,672 shares. The stock had previously closed at $6.26.

Wall Street Analyst Weigh In

QBTS has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Craig Hallum lifted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Roth Mkm lifted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Benchmark reaffirmed a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Finally, B. Riley boosted their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum presently has an average rating of “Buy” and an average target price of $6.38.

D-Wave Quantum Stock Down 3.8 %

The firm’s fifty day moving average price is $6.22 and its two-hundred day moving average price is $2.92. The stock has a market capitalization of $1.62 billion, a PE ratio of -14.39 and a beta of 1.10.

Insider Activity

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 that occurred on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the sale, the insider now directly owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the company’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 transaction of $29,417.14. Following the sale, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock valued at $92,096,075 over the last three months. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently modified their holdings of QBTS. SG Americas Securities LLC bought a new position in shares of D-Wave Quantum in the third quarter worth approximately $42,000. Bogart Wealth LLC bought a new position in shares of D-Wave Quantum during the third quarter worth $49,000. Kingsview Wealth Management LLC bought a new position in shares of D-Wave Quantum during the fourth quarter worth $84,000. Spire Wealth Management bought a new position in shares of D-Wave Quantum during the fourth quarter worth $90,000. Finally, Vontobel Holding Ltd. bought a new position in shares of D-Wave Quantum during the fourth quarter worth $105,000. 42.47% of the stock is currently owned by 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.