D-Wave Quantum (NYSE:QBTS) Trading Down 1.1% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price dropped 1.1% on Friday . The stock traded as low as $8.83 and last traded at $9.50. Approximately 28,528,932 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 44,788,922 shares. The stock had previously closed at $9.61.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm lifted 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 upped their target price on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Craig Hallum raised their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Benchmark boosted their target price on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $5.63.

D-Wave Quantum Stock Down 4.4 %

The business has a 50-day simple moving average of $4.03 and a 200-day simple moving average of $2.07. The company has a market cap of $2.47 billion, a PE ratio of -21.88 and a beta of 1.79.

Insider Activity at D-Wave Quantum

In other news, 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 completion of the transaction, the insider now directly owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 10,081,459 shares of company stock worth $45,337,894 in the last three months. 7.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the company. Thoroughbred Financial Services LLC acquired a new stake in D-Wave Quantum in the second quarter valued at $45,000. SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum during the 3rd quarter worth about $42,000. Bogart Wealth LLC purchased a new stake in D-Wave Quantum during the third quarter worth approximately $49,000. Rhumbline Advisers acquired a new position in D-Wave Quantum in the second quarter valued at approximately $93,000. Finally, Barclays PLC raised its holdings in D-Wave Quantum by 298.3% during 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 in the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.