D-Wave Quantum (NYSE:QBTS) Trading Down 2.7% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) shares were down 2.7% on Tuesday . The company traded as low as $4.45 and last traded at $4.77. Approximately 19,156,297 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 80,419,930 shares. The stock had previously closed at $4.90.

Wall Street Analyst Weigh In

QBTS has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark reissued 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 boosted their price target on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Roth Mkm boosted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, Craig Hallum raised their price target 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. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $6.71.

D-Wave Quantum Trading Up 8.5 %

The firm’s 50-day moving average price is $6.59 and its 200 day moving average price is $3.59. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of -12.65 and a beta of 1.10.

Insider Buying and Selling at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the 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 completion of the transaction, the insider now owns 30,000,000 shares of the company’s stock, valued at $122,100,000. This represents a 19.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction 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 sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,152,665 shares of company stock worth $92,096,075 over the last three months. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently bought and sold shares of QBTS. Vanguard Group Inc. boosted its stake in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after purchasing an additional 3,624,407 shares in the last quarter. Bank of America Corp DE boosted its position in D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after buying an additional 2,497,263 shares during the period. UNICOM Systems Inc. bought a new stake in D-Wave Quantum during the 4th quarter worth approximately $20,258,000. Penserra Capital Management LLC grew its holdings 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 worth $4,409,000 after acquiring an additional 839,942 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares during the period. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.