D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.4% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price dropped 2.4% on Thursday . The company traded as low as $5.61 and last traded at $5.65. Approximately 71,598,915 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 107,576,641 shares. The stock had previously closed at $5.79.

Wall Street Analysts Forecast Growth

Several research firms have commented on QBTS. Craig Hallum lifted their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday. B. Riley raised their price target on D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research report on Tuesday. Roth Mkm boosted their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report 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 investment 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 target price of $6.38.

D-Wave Quantum Stock Performance

The stock has a market capitalization of $1.65 billion, a P/E ratio of -14.64 and a beta of 1.16. The stock has a 50-day moving average price of $4.97 and a two-hundred day moving average price of $2.41.

Insider Activity at D-Wave Quantum

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 value of $35,522,266.53. Following the completion of the transaction, the insider now 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 20,138,711 shares of company stock worth $92,022,537 over the last quarter. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Hedge funds have recently modified their holdings of the business. Arkadios Wealth Advisors purchased a new position in D-Wave Quantum during the 4th quarter valued at about $162,000. Sovereign Financial Group Inc. bought a new stake in shares of D-Wave Quantum in the 4th quarter worth approximately $179,000. Silverleafe Capital Partners LLC purchased a new stake in shares of D-Wave Quantum in the 4th quarter worth approximately $820,000. Barclays PLC increased its position in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after buying an additional 89,894 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in 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 buying an additional 645,039 shares during the last quarter. 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.