D-Wave Quantum (NYSE:QBTS) Stock Price Down 3.7% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS) shares fell 3.7% during mid-day trading on Friday . The company traded as low as $5.89 and last traded at $5.77. 29,068,444 shares changed hands during trading, a decline of 69% from the average session volume of 92,632,039 shares. The stock had previously closed at $5.99.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Craig Hallum lifted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. 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. B. Riley boosted their price target on D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, Roth Mkm upped their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Six investment 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 an average price target of $6.38.

D-Wave Quantum Stock Down 3.3 %

The stock has a market capitalization of $1.56 billion, a PE ratio of -13.80 and a beta of 1.10. The firm’s fifty day moving average is $6.28 and its 200-day moving average is $2.94.

Insider Activity

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 completion of the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. The trade was a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the sale, the insider now directly owns 1,000,000 shares in the company, valued at $4,210,000. This trade represents a 89.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock valued at $92,096,075 in the last three months. 7.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in QBTS. PNC Financial Services Group Inc. acquired a new position in shares of D-Wave Quantum in the fourth quarter worth $38,000. SG Americas Securities LLC acquired a new position in D-Wave Quantum in the 3rd quarter valued at about $42,000. Bogart Wealth LLC acquired a new position in D-Wave Quantum in the 3rd quarter valued at about $49,000. Kingsview Wealth Management LLC purchased a new position in D-Wave Quantum in the 4th quarter valued at about $84,000. Finally, Spire Wealth Management acquired a new stake in shares of D-Wave Quantum during the 4th quarter worth about $90,000. 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.