D-Wave Quantum (NYSE:QBTS) Stock Price Down 3.5% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was down 3.5% during mid-day trading on Thursday . The stock traded as low as $6.07 and last traded at $6.04. Approximately 29,112,695 shares changed hands during trading, a decline of 69% from the average daily volume of 94,269,672 shares. The stock had previously closed at $6.26.

Analyst Ratings Changes

A number of brokerages recently weighed in on QBTS. Roth Mkm boosted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Craig Hallum boosted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. B. Riley raised their price target on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday, January 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has an average rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Stock Performance

The company has a market capitalization of $1.56 billion, a PE ratio of -13.80 and a beta of 1.10. The stock’s 50 day moving average is $6.34 and its 200 day moving average is $2.97.

Insider Activity

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction, the insider now owns 18,730,193 shares of the company’s stock, valued at $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,152,665 shares of company stock worth $92,096,075. 7.22% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently made changes to their positions in QBTS. Marshall Wace LLP purchased a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $265,000. Squarepoint Ops LLC bought a new position in shares of D-Wave Quantum in the second quarter worth approximately $163,000. SG Americas Securities LLC purchased a new stake in D-Wave Quantum in the third quarter valued at approximately $42,000. Bogart Wealth LLC bought a new stake in D-Wave Quantum during the third quarter valued at approximately $49,000. Finally, Penserra Capital Management LLC grew its stake in D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares in the last quarter. 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.