D-Wave Quantum (NYSE:QBTS) Stock Price Down 0.2% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was down 0.2% during trading on Thursday . The company traded as low as $5.14 and last traded at $5.59. Approximately 17,974,786 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 78,555,930 shares. The stock had previously closed at $5.60.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on QBTS shares. Craig Hallum increased their price target 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 reissued a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm raised their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Finally, B. Riley raised their price objective on shares of D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $6.71.

D-Wave Quantum Price Performance

The business has a 50-day simple moving average of $6.49 and a 200 day simple moving average of $3.63. The firm has a market cap of $1.42 billion, a PE ratio of -12.57 and a beta of 1.10.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum 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 transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the sale, the insider now directly owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,152,665 shares of company stock worth $92,096,075. 7.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in the business. Ameriflex Group Inc. purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth about $205,000. Fourth Dimension Wealth LLC purchased a new stake in D-Wave Quantum during the 4th quarter valued at approximately $26,000. Voloridge Investment Management LLC purchased a new stake in D-Wave Quantum during the 4th quarter valued at approximately $2,063,000. Squarepoint Ops LLC bought a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $1,989,000. Finally, Tidal Investments LLC purchased a new position in shares of D-Wave Quantum in the fourth quarter worth $104,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.