D-Wave Quantum (NYSE:QBTS) Trading Down 1.2% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS) shares traded down 1.2% during mid-day trading on Thursday . The company traded as low as $5.81 and last traded at $6.07. 19,543,879 shares were traded during mid-day trading, a decline of 76% from the average session volume of 83,081,094 shares. The stock had previously closed at $6.14.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on QBTS. Craig Hallum raised their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. B. Riley upped their target price on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 14th. Roth Mkm raised their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum presently has a consensus rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Trading Down 1.3 %

The firm has a 50-day simple moving average of $6.66 and a two-hundred day simple moving average of $3.52. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of -13.07 and a beta of 1.10.

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the transaction, the insider now directly owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,152,665 shares of company stock worth $92,096,075. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $26,000. PNC Financial Services Group Inc. bought a new stake in D-Wave Quantum during the 4th quarter valued at approximately $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum in the 4th quarter valued at approximately $67,000. Kingsview Wealth Management LLC bought a new position in D-Wave Quantum in the 4th quarter worth approximately $84,000. Finally, 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 buying an additional 1,766 shares during the last quarter. Institutional investors 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.