D-Wave Quantum (NYSE:QBTS) Shares Down 9.2% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was down 9.2% during mid-day trading on Monday . The company traded as low as $5.23 and last traded at $5.28. Approximately 76,051,233 shares traded hands during trading, a decline of 17% from the average daily volume of 91,101,744 shares. The stock had previously closed at $5.81.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on QBTS shares. Benchmark reiterated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. B. Riley increased their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Roth Mkm boosted their price objective 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. Finally, Craig Hallum increased their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and a consensus target price of $6.38.

D-Wave Quantum Trading Down 9.2 %

The stock has a market capitalization of $1.42 billion, a P/E ratio of -12.56 and a beta of 1.16. The stock’s fifty day moving average price is $5.22 and its two-hundred day moving average price is $2.50.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction dated 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 completion of the sale, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 20,138,711 shares of company stock worth $92,022,537 over the last three months. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC bought a new position in shares of D-Wave Quantum during the third quarter valued at approximately $42,000. Bogart Wealth LLC purchased a new position in D-Wave Quantum during the 3rd quarter valued at $49,000. Rhumbline Advisers bought a new position in D-Wave Quantum in the 2nd quarter worth $93,000. Barclays PLC lifted its position in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the period. Finally, Arkadios Wealth Advisors bought a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $162,000. Hedge funds and other 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.