D-Wave Quantum (NYSE:QBTS) Stock Price Down 49.5% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price fell 49.5% on Wednesday . The stock traded as low as $4.80 and last traded at $4.82. Approximately 79,213,921 shares changed hands during trading, an increase of 10% from the average session volume of 71,781,461 shares. The stock had previously closed at $9.55.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. B. Riley lifted 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. Benchmark boosted their target price on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC restated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm raised 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 note on Thursday, December 12th. Finally, Craig Hallum lifted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Stock Performance

The stock’s fifty day simple moving average is $4.54 and its 200-day simple moving average is $2.26. The stock has a market cap of $1.67 billion, a P/E ratio of -14.76 and a beta of 1.16.

Insider Buying and Selling at D-Wave Quantum

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 sold 10,081,459 shares of company stock valued at $45,337,894 in the last three months. Corporate 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. Penserra Capital Management LLC raised its position in D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares during the last quarter. Geode Capital Management LLC grew its holdings in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Marshall Wace LLP acquired a new position in D-Wave Quantum in the 2nd quarter valued at approximately $265,000. Bank of New York Mellon Corp bought a new position in shares of D-Wave Quantum during the second quarter valued at $251,000. Finally, Squarepoint Ops LLC bought a new stake in shares of D-Wave Quantum in the second quarter worth $163,000. 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.