D-Wave Quantum (NYSE:QBTS) Trading Down 36.1% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) traded down 36.1% on Thursday . The company traded as low as $4.65 and last traded at $6.10. 180,694,530 shares changed hands during trading, an increase of 93% from the average session volume of 93,449,617 shares. The stock had previously closed at $9.55.

Wall Street Analysts Forecast Growth

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

D-Wave Quantum Trading Down 36.1 %

The stock’s 50-day simple moving average is $4.64 and its 200-day simple moving average is $2.28. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -14.52 and a beta of 1.16.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were 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 in the company, valued at $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 10,081,459 shares of company stock worth $45,337,894 in the last 90 days. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently modified their holdings of the business. SG Americas Securities LLC acquired a new stake in D-Wave Quantum in the third quarter valued at approximately $42,000. Thoroughbred Financial Services LLC bought a new position in shares of D-Wave Quantum in the 2nd quarter valued at $45,000. Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum during the 3rd quarter valued at $49,000. Rhumbline Advisers bought a new stake in D-Wave Quantum during the 2nd quarter worth $93,000. Finally, Barclays PLC increased its holdings in D-Wave Quantum by 298.3% in 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. 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.