D-Wave Quantum (NYSE:QBTS) Trading Down 5.9% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was down 5.9% on Tuesday . The company traded as low as $5.93 and last traded at $6.00. Approximately 24,136,507 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 85,261,508 shares. The stock had previously closed at $6.37.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Benchmark reiterated a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Craig Hallum increased 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, December 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. 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 note on Thursday, December 12th. Finally, B. Riley upped their target price on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 14th. Six investment 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 target price of $6.71.

D-Wave Quantum Stock Performance

The stock has a market cap of $2.00 billion, a price-to-earnings ratio of -17.65 and a beta of 1.10. The business has a fifty day simple moving average of $6.70 and a 200 day simple moving average of $3.27.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of D-Wave Quantum stock in a transaction on Friday, December 20th. The stock was sold at an average price of $6.68, for a total value of $6,680,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,152,665 shares of company stock worth $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Institutional investors have recently made changes to their positions in the stock. Fourth Dimension Wealth LLC purchased a new position in D-Wave Quantum in the fourth quarter valued at approximately $26,000. PNC Financial Services Group Inc. acquired a new position in shares of D-Wave Quantum during the 4th quarter valued at $38,000. SG Americas Securities LLC purchased a new stake in D-Wave Quantum during the 3rd quarter worth $42,000. Bogart Wealth LLC acquired a new stake in D-Wave Quantum in the 3rd quarter valued at $49,000. Finally, Heritage Wealth Advisors purchased a new stake in shares of D-Wave Quantum in the fourth quarter worth about $67,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.