D-Wave Quantum (NYSE:QBTS) Trading Down 7.9% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price dropped 7.9% during trading on Wednesday . The stock traded as low as $9.90 and last traded at $9.95. Approximately 39,187,097 shares changed hands during trading, an increase of 33% from the average daily volume of 29,480,284 shares. The stock had previously closed at $10.80.

Analyst Ratings Changes

Several research firms have issued reports on QBTS. Roth Mkm raised their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Benchmark reiterated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Needham & Company LLC restated a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley raised their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Finally, Craig Hallum lifted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Six 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 a consensus price target of $8.42.

D-Wave Quantum Trading Down 6.0 %

The stock has a fifty day moving average price of $6.11 and a 200-day moving average price of $4.05. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of -24.26 and a beta of 1.12.

Insider Buying and Selling at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $6.14, for a total value of $17,060,382.96. Following the completion of the transaction, the insider now directly owns 37,278,688 shares in the company, valued at $228,891,144.32. The trade was a 6.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,071,206 shares of company stock valued at $53,438,181. 7.22% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. 111 Capital acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $123,000. Ameriflex Group Inc. acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at $205,000. Fourth Dimension Wealth LLC bought a new stake in shares of D-Wave Quantum during the fourth quarter worth $26,000. Voloridge Investment Management LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at $2,063,000. Finally, Squarepoint Ops LLC bought a new position in D-Wave Quantum in the fourth quarter valued at about $1,989,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.