D-Wave Quantum (NYSE:QBTS) Shares Down 24.2% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) shares fell 24.2% during mid-day trading on Thursday . The stock traded as low as $6.28 and last traded at $6.79. 65,164,595 shares traded hands during trading, an increase of 520% from the average session volume of 10,518,844 shares. The stock had previously closed at $8.96.

Analyst Ratings Changes

Several research firms have weighed in on QBTS. Benchmark upped their price target on D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum lifted their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday. 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. Finally, 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. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $5.63.

D-Wave Quantum Stock Performance

The company has a market cap of $1.44 billion, a PE ratio of -15.33 and a beta of 1.79. The company has a fifty day moving average of $2.64 and a two-hundred day moving average of $1.59.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the business’s stock in a transaction on 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 completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

A number of large investors have recently modified their holdings of the company. State Street Corp increased its holdings in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after buying an additional 17,225 shares during the period. Instrumental Wealth LLC raised its holdings in D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after purchasing an additional 25,067 shares in the last quarter. Thoroughbred Financial Services LLC bought a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $45,000. SG Americas Securities LLC bought a new position in shares of D-Wave Quantum during the 3rd quarter worth approximately $42,000. Finally, Bogart Wealth LLC purchased a new stake in D-Wave Quantum during the third quarter valued at approximately $49,000. Hedge funds and other institutional investors 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.