D-Wave Quantum (NYSE:QBTS) Shares Down 1.5% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) shares fell 1.5% on Wednesday . The stock traded as low as $6.28 and last traded at $6.20. 75,877,128 shares traded hands during trading, a decline of 32% from the average session volume of 111,769,914 shares. The stock had previously closed at $6.29.

Wall Street Analyst Weigh In

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

D-Wave Quantum Trading Up 1.9 %

The firm has a 50-day moving average price of $5.39 and a 200-day moving average price of $2.57. The stock has a market capitalization of $1.73 billion, a PE ratio of -15.16 and a beta of 1.16.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $6.68, for a total value of $6,680,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 20,138,711 shares of company stock worth $92,022,537 over the last three months. 7.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Barclays PLC raised its stake in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares in the last quarter. Silverleafe Capital Partners LLC purchased a new position in D-Wave Quantum in the 4th quarter worth $820,000. Geode Capital Management LLC lifted its stake in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after purchasing an additional 645,039 shares during the last quarter. State Street Corp lifted its stake in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Finally, Penserra Capital Management LLC increased 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 purchasing an additional 839,942 shares during the period. 42.47% of the stock is currently 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.