D-Wave Quantum (NYSE:QBTS) Shares Down 2.5% – Here’s Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS) fell 2.5% during mid-day trading on Wednesday . The stock traded as low as $7.66 and last traded at $7.95. 51,465,156 shares traded hands during trading, an increase of 336% from the average session volume of 11,794,122 shares. The stock had previously closed at $8.15.

Analyst Ratings Changes

A number of analysts have commented on QBTS shares. B. Riley boosted their target price on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Needham & Company LLC reissued a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum raised their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Roth Mkm upped their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, Benchmark lifted their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Stock Down 2.5 %

The firm has a market cap of $1.78 billion, a PE ratio of -18.93 and a beta of 1.79. The firm’s 50 day moving average is $2.92 and its 200-day moving average is $1.69.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the transaction, the insider now directly owns 18,730,193 shares in the company, valued at $91,216,039.91. This represents a 3.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 10,081,459 shares of company stock valued at $45,337,894 in the last quarter. 7.22% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently bought and sold shares of QBTS. Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth $45,000. SG Americas Securities LLC purchased a new position in shares of D-Wave Quantum in the 3rd quarter worth about $42,000. Bogart Wealth LLC acquired a new position in shares of D-Wave Quantum in the 3rd quarter valued at about $49,000. Rhumbline Advisers purchased a new stake in shares of D-Wave Quantum during the 2nd quarter worth about $93,000. Finally, Barclays PLC increased its position in D-Wave Quantum by 298.3% during the 3rd 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. 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.