D-Wave Quantum (NYSE:QBTS) Trading Down 8.3% – Here’s What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were down 8.3% on Tuesday . The company traded as low as $9.20 and last traded at $9.36. Approximately 33,624,566 shares changed hands during trading, a decline of 46% from the average daily volume of 62,679,586 shares. The stock had previously closed at $10.21.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on QBTS. Roth Mkm upped their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. B. Riley raised their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Craig Hallum boosted their target price on 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 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Benchmark boosted their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and an average price target of $5.63.

D-Wave Quantum Stock Down 36.1 %

The stock has a fifty day moving average price of $4.64 and a 200-day moving average price of $2.28. The firm 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 news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was 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 of the company’s stock, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 10,081,459 shares of company stock worth $45,337,894. 7.22% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp acquired a new position in shares of D-Wave Quantum during the 2nd quarter worth $251,000. Rhumbline Advisers acquired a new position in D-Wave Quantum during the second quarter worth about $93,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum in the second quarter valued at about $45,000. XTX Topco Ltd acquired a new stake in shares of D-Wave Quantum during the 2nd quarter valued at approximately $163,000. Finally, Marshall Wace LLP purchased a new position in D-Wave Quantum during the 2nd quarter valued at about $265,000. 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.