D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.6% – Should You Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded down 2.6% on Wednesday . The company traded as low as $5.51 and last traded at $5.59. 20,295,780 shares were traded during trading, a decline of 81% from the average session volume of 104,162,547 shares. The stock had previously closed at $5.74.

Analyst Ratings Changes

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

D-Wave Quantum Stock Down 3.7 %

The stock has a market cap of $1.49 billion, a PE ratio of -13.16 and a beta of 1.16. The business has a 50 day moving average price of $5.82 and a 200 day moving average price of $2.73.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s 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 transaction, the insider now owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s 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 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. In the last quarter, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. 7.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently bought and sold shares of the company. UNICOM Systems Inc. acquired a new stake in D-Wave Quantum in the fourth quarter valued at $20,258,000. Penserra Capital Management LLC lifted its position in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the last quarter. Geode Capital Management LLC boosted its stake in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of D-Wave Quantum during the second quarter worth about $265,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of D-Wave Quantum during the second quarter worth about $163,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.