D-Wave Quantum (NYSE:QBTS) Trading Down 14.5% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) shares fell 14.5% during trading on Wednesday . The stock traded as low as $3.75 and last traded at $4.00. 48,124,381 shares were traded during trading, an increase of 543% from the average session volume of 7,480,643 shares. The stock had previously closed at $4.68.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm boosted their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday. Finally, B. Riley upped their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $3.71.

D-Wave Quantum Trading Up 27.9 %

The stock has a market cap of $1.12 billion, a PE ratio of -10.05 and a beta of 1.79. The business has a 50-day moving average price of $1.91 and a 200 day moving average price of $1.35.

Insider Activity

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 shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently added to or reduced their stakes in QBTS. Penserra Capital Management LLC lifted its position in D-Wave Quantum by 23.0% in 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 during the last quarter. Geode Capital Management LLC grew its holdings in shares of D-Wave Quantum by 33.8% during the 3rd 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 period. Marshall Wace LLP bought a new position in D-Wave Quantum in the second quarter worth $265,000. Bank of New York Mellon Corp bought a new position in shares of D-Wave Quantum in the 2nd quarter worth about $251,000. Finally, Vanguard Group Inc. lifted its holdings in shares of D-Wave Quantum by 17.9% during the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock valued at $2,183,000 after purchasing an additional 162,688 shares during the last quarter. 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.