D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.5% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price dropped 2.5% during trading on Wednesday . The stock traded as low as $7.66 and last traded at $7.95. Approximately 51,465,156 shares changed hands during trading, an increase of 336% from the average daily volume of 11,794,122 shares. The stock had previously closed at $8.15.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Benchmark upped their price objective on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC restated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum increased their price objective on 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 lifted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, B. Riley increased 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. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $5.63.

D-Wave Quantum Price Performance

The company has a 50 day moving average price of $2.92 and a 200 day moving average price of $1.69. The firm has a market cap of $1.78 billion, a PE ratio of -18.93 and a beta of 1.79.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 10,081,459 shares of company stock worth $45,337,894. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in D-Wave Quantum in the third quarter valued at $42,000. Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum in the second quarter valued at about $45,000. Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum in the third quarter valued at about $49,000. Rhumbline Advisers acquired a new position in D-Wave Quantum during the second quarter worth about $93,000. Finally, Barclays PLC grew its position in 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 buying an additional 89,894 shares during the period. Institutional investors and hedge funds 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.