D-Wave Quantum (NYSE:QBTS) Trading Down 2.5% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded down 2.5% on Tuesday . The stock traded as low as $5.61 and last traded at $5.69. 11,877,357 shares were traded during mid-day trading, a decline of 87% from the average session volume of 89,148,492 shares. The stock had previously closed at $5.83.

Analyst Ratings Changes

A number of research firms recently issued reports on QBTS. Craig Hallum raised their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Roth Mkm upped their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. 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, Benchmark restated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum has an average rating of “Buy” and a consensus target price of $6.38.

D-Wave Quantum Stock Down 6.3 %

The company has a market cap of $1.47 billion, a price-to-earnings ratio of -13.06 and a beta of 1.10. The business has a fifty day simple moving average of $6.40 and a 200 day simple moving average of $3.03.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the transaction, the insider now owns 1,000,000 shares in the company, valued at $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The sale 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 stock in a transaction dated Thursday, January 23rd. The shares were 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. 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 90 days, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. Corporate 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 stock. UNICOM Systems Inc. purchased a new position in D-Wave Quantum in the 4th quarter valued at about $20,258,000. Penserra Capital Management LLC lifted 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 buying an additional 839,942 shares during the period. Geode Capital Management LLC boosted its position in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in D-Wave Quantum in the 4th quarter worth approximately $2,087,000. Finally, Commonwealth Equity Services LLC raised its holdings in D-Wave Quantum by 1,097.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company’s stock valued at $1,916,000 after acquiring an additional 209,000 shares during the last quarter. 42.47% of the stock is currently owned by hedge funds and other 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.