D-Wave Quantum (NYSE:QBTS) Shares Down 7.9% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded down 7.9% during trading on Wednesday . The company traded as low as $9.90 and last traded at $9.95. 39,187,097 shares traded hands during mid-day trading, an increase of 33% from the average session volume of 29,480,284 shares. The stock had previously closed at $10.80.

Analyst Ratings Changes

QBTS has been the subject of several recent research reports. B. Riley boosted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Needham & Company LLC reiterated a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. Roth Mkm raised their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Craig Hallum upped 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. Finally, Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum has a consensus rating of “Buy” and a consensus target price of $8.42.

D-Wave Quantum Price Performance

The company has a 50-day simple moving average of $6.25 and a 200-day simple moving average of $4.12. The firm has a market cap of $2.28 billion, a PE ratio of -19.85 and a beta of 1.12.

Insider Transactions at D-Wave Quantum

In related news, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now owns 1,064,556 shares in the company, 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction on Thursday, January 23rd. The stock was 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 $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. Over the last ninety days, insiders have sold 10,071,206 shares of company stock worth $46,758,181. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in D-Wave Quantum by 103.7% during the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after acquiring an additional 3,624,407 shares in the last quarter. Penserra Capital Management LLC boosted its stake in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock valued at $24,992,000 after purchasing an additional 418,468 shares in the last quarter. Bank of America Corp DE increased its holdings in D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after buying an additional 2,497,263 shares during the period. Finally, UNICOM Systems Inc. bought a new position in D-Wave Quantum in the fourth quarter worth approximately $20,258,000. 42.47% of the stock is currently owned by 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.