D-Wave Quantum (NYSE:QBTS) Trading Down 6% – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded down 6% during mid-day trading on Thursday . The stock traded as low as $9.54 and last traded at $9.96. 61,925,312 shares were traded during mid-day trading, an increase of 107% from the average session volume of 29,911,155 shares. The stock had previously closed at $10.60.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Benchmark restated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Friday, March 14th. B. Riley raised their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Roth Mkm increased their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Needham & Company LLC reiterated a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Finally, Craig Hallum increased their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Stock Performance

The stock has a market capitalization of $2.47 billion, a P/E ratio of -21.98 and a beta of 1.12. The company’s 50-day moving average price is $6.20 and its 200 day moving average price is $4.09.

Insiders Place Their Bets

In other news, CEO Alan E. Baratz sold 8,372 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 $44,120.44. Following the completion of the sale, the chief executive officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction dated 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 in the company, valued at $5,610,210.12. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,071,206 shares of company stock valued at $53,438,181 in the last three months. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently made changes to their positions in the stock. 111 Capital purchased a new stake in shares of D-Wave Quantum during the 4th quarter worth $123,000. Ameriflex Group Inc. purchased a new stake in D-Wave Quantum in the fourth quarter valued at about $205,000. Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth $26,000. Voloridge Investment Management LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at $2,063,000. Finally, Squarepoint Ops LLC acquired a new position in shares of D-Wave Quantum in the fourth quarter valued at about $1,989,000. 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.