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

D-Wave Quantum Inc. (NYSE:QBTS) was down 8.3% on Tuesday . The company traded as low as $9.20 and last traded at $9.36. Approximately 33,624,566 shares traded hands during mid-day 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 Analysts Forecast Growth

Several brokerages have recently issued reports on QBTS. Benchmark upped their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, December 20th. B. Riley raised their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Craig Hallum boosted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Roth Mkm upped their price objective 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, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Six analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum has an average rating of “Buy” and a consensus target price of $5.63.

D-Wave Quantum Price Performance

The company’s 50-day moving average is $4.64 and its 200-day moving average is $2.28. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of -14.52 and a beta of 1.16.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the sale, the insider now owns 18,730,193 shares of the company’s stock, valued at $91,216,039.91. This represents a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 10,081,459 shares of company stock valued at $45,337,894 in the last ninety days. Company insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several large investors have recently added to or reduced their stakes in the stock. Barclays PLC boosted its position in shares of D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after buying an additional 89,894 shares during the period. Silverleafe Capital Partners LLC purchased a new position in D-Wave Quantum in the 4th quarter worth approximately $820,000. Geode Capital Management LLC raised its stake in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares during the period. State Street Corp lifted its position in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its stake in shares of 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 period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.