D-Wave Quantum (NYSE:QBTS) Trading Down 1% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS) shares dropped 1% during mid-day trading on Friday . The company traded as low as $5.02 and last traded at $5.18. Approximately 22,506,729 shares changed hands during trading, a decline of 71% from the average daily volume of 77,639,258 shares. The stock had previously closed at $5.23.

Analysts Set New Price Targets

Several research firms recently weighed in on QBTS. Roth Mkm upped their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Craig Hallum increased their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Benchmark reaffirmed a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday, January 14th. B. Riley upped their target price on shares of D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Stock Performance

The company has a market cap of $1.40 billion, a PE ratio of -12.37 and a beta of 1.12. The business’s 50-day moving average is $6.40 and its 200 day moving average is $3.64.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was 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 of the company’s stock, valued at approximately $91,216,039.91. The trade was a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s 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 transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,152,665 shares of company stock worth $92,096,075 in the last ninety days. 7.22% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in QBTS. Summit Investment Advisors Inc. boosted its stake in shares of D-Wave Quantum by 20.6% during the 4th 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 in the last quarter. Invesco Ltd. lifted its holdings in D-Wave Quantum by 5.1% in the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock worth $358,000 after buying an additional 2,051 shares during the period. Corebridge Financial Inc. boosted its position in D-Wave Quantum by 5.0% during the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock valued at $413,000 after acquiring an additional 2,342 shares in the last quarter. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $26,000. Finally, Steward Partners Investment Advisory LLC raised its position in shares of D-Wave Quantum by 38.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock worth $110,000 after acquiring an additional 3,660 shares in the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.