D-Wave Quantum (NYSE:QBTS) Stock Price Down 8.2% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares traded down 8.2% during trading on Monday . The company traded as low as $4.66 and last traded at $4.76. 13,165,682 shares were traded during trading, a decline of 83% from the average session volume of 76,783,773 shares. The stock had previously closed at $5.18.

Analyst Ratings Changes

QBTS has been the subject of several research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum lifted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Benchmark restated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. B. Riley lifted their price objective on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Roth Mkm increased their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum has a consensus rating of “Buy” and an average target price of $6.71.

D-Wave Quantum Stock Performance

The company has a market cap of $1.45 billion, a price-to-earnings ratio of -12.80 and a beta of 1.12. The stock’s fifty day moving average is $6.15 and its two-hundred day moving average is $3.76.

Insider Transactions at D-Wave Quantum

In other news, CFO John M. Markovich sold 5,582 shares of the stock in a transaction dated 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 sale, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,508,799 shares of company stock valued at $88,960,447 over the last ninety days. 7.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently modified their holdings of QBTS. Summit Investment Advisors Inc. boosted its position in D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after purchasing an additional 1,766 shares during the last quarter. Invesco Ltd. raised its stake in shares of D-Wave Quantum by 5.1% during the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock worth $358,000 after purchasing an additional 2,051 shares during the period. Corebridge Financial Inc. boosted its holdings in shares of D-Wave Quantum by 5.0% in the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock worth $413,000 after buying an additional 2,342 shares during the last quarter. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum during the fourth quarter valued at about $26,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in D-Wave Quantum by 38.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock worth $110,000 after buying an additional 3,660 shares during the last quarter. 42.47% of the stock is 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.