D-Wave Quantum (NYSE:QBTS) Shares Down 11.5% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) shares dropped 11.5% during mid-day trading on Monday . The stock traded as low as $6.25 and last traded at $6.42. Approximately 32,610,468 shares changed hands during trading, a decline of 62% from the average daily volume of 85,823,742 shares. The stock had previously closed at $7.25.

Wall Street Analyst Weigh In

Several research firms have recently commented on QBTS. Roth Mkm raised 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. Craig Hallum boosted 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 reiterated a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, B. Riley upped their price target on D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $6.71.

D-Wave Quantum Stock Performance

The stock’s 50-day simple moving average is $6.82 and its 200 day simple moving average is $3.38. The company has a market capitalization of $1.84 billion, a PE ratio of -16.23 and a beta of 1.10.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company’s stock in a transaction that occurred 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 through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following 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 position. The disclosure for this sale can be found here. Insiders have sold 20,152,665 shares of company stock valued at $92,096,075 over the last quarter. 7.22% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in QBTS. Summit Investment Advisors Inc. lifted its holdings in shares of D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after purchasing an additional 1,766 shares during the period. Invesco Ltd. boosted its holdings in shares of D-Wave Quantum by 5.1% in the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock valued at $358,000 after acquiring an additional 2,051 shares in the last quarter. Corebridge Financial Inc. increased its stake in shares of D-Wave Quantum by 5.0% during the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock worth $413,000 after acquiring an additional 2,342 shares during the period. Fourth Dimension Wealth LLC purchased a new position in D-Wave Quantum during the fourth quarter worth about $26,000. Finally, Steward Partners Investment Advisory LLC raised its holdings in D-Wave Quantum by 38.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock worth $110,000 after purchasing an additional 3,660 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.