D-Wave Quantum (NYSE:QBTS) Trading Down 0.2% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS) fell 0.2% during mid-day trading on Thursday . The company traded as low as $5.14 and last traded at $5.59. 17,974,786 shares changed hands during trading, a decline of 77% from the average session volume of 78,555,930 shares. The stock had previously closed at $5.60.

Analyst Upgrades and Downgrades

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

D-Wave Quantum Stock Performance

The business’s 50 day moving average is $6.31 and its two-hundred day moving average is $3.67. The firm has a market capitalization of $1.40 billion, a PE ratio of -12.37 and a beta of 1.12.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. The trade was 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. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently made changes to their positions in QBTS. Fourth Dimension Wealth LLC purchased a new position in D-Wave Quantum during the fourth quarter worth about $26,000. PNC Financial Services Group Inc. purchased a new position in shares of D-Wave Quantum during the fourth quarter worth about $38,000. Heritage Wealth Advisors bought a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $67,000. Kingsview Wealth Management LLC purchased a new stake in D-Wave Quantum in the fourth quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. lifted its position in D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after purchasing an additional 1,766 shares during 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.