D-Wave Quantum (NYSE:QBTS) Trading Down 0.9% – Should You Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 0.9% during trading on Thursday . The stock traded as low as $6.04 and last traded at $6.19. Approximately 43,673,145 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 110,551,805 shares. The stock had previously closed at $6.25.

Wall Street Analysts Forecast Growth

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

D-Wave Quantum Trading Up 1.1 %

The firm has a 50-day moving average of $5.65 and a 200 day moving average of $2.65. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -14.51 and a beta of 1.16.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of D-Wave Quantum 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 transaction was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders have sold 20,138,711 shares of company stock valued at $92,022,537. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new position in D-Wave Quantum in the second quarter worth about $251,000. Rhumbline Advisers acquired a new position in shares of D-Wave Quantum in the 2nd quarter worth approximately $93,000. XTX Topco Ltd bought a new stake in shares of D-Wave Quantum in the 2nd quarter valued at approximately $163,000. Marshall Wace LLP acquired a new stake in shares of D-Wave Quantum during the 2nd quarter valued at approximately $265,000. Finally, Squarepoint Ops LLC bought a new position in D-Wave Quantum during the second quarter worth $163,000. 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.