D-Wave Quantum (NYSE:QBTS) Trading Down 2.6% – Should You Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 2.6% during trading on Wednesday . The stock traded as low as $5.51 and last traded at $5.59. Approximately 20,295,780 shares were traded during trading, a decline of 81% from the average daily volume of 104,162,547 shares. The stock had previously closed at $5.74.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Roth Mkm raised their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Craig Hallum raised their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley raised their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, Benchmark reiterated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and an average target price of $6.38.

D-Wave Quantum Price Performance

The company’s 50-day simple moving average is $5.82 and its 200-day simple moving average is $2.73. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of -13.16 and a beta of 1.16.

Insider Activity at D-Wave Quantum

In related news, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,152,665 shares of company stock worth $92,096,075 in the last quarter. 7.22% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds have recently made changes to their positions in QBTS. SG Americas Securities LLC bought a new stake in D-Wave Quantum during the third quarter valued at $42,000. Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum during the 3rd quarter valued at about $49,000. Kingsview Wealth Management LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter worth about $84,000. Spire Wealth Management purchased a new position in shares of D-Wave Quantum during the fourth quarter worth about $90,000. Finally, Rhumbline Advisers bought a new position in shares of D-Wave Quantum in the second quarter worth approximately $93,000. 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.