D-Wave Quantum (NYSE:QBTS) Shares Down 2.5% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS) shares traded down 2.5% during trading on Friday . The stock traded as low as $5.47 and last traded at $5.67. 35,970,401 shares were traded during trading, a decline of 67% from the average session volume of 109,499,180 shares. The stock had previously closed at $5.81.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on QBTS. Roth Mkm raised their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. B. Riley increased their target price on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a report on Tuesday. Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Craig Hallum increased their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $6.38.

D-Wave Quantum Stock Performance

The company has a fifty day simple moving average of $5.15 and a 200 day simple moving average of $2.45. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of -12.73 and a beta of 1.16.

Insider Buying and Selling

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 that occurred 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 transaction, the insider now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 20,138,711 shares of company stock valued at $92,022,537 over the last ninety days. 7.22% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

Hedge funds have recently modified their holdings of the stock. Arkadios Wealth Advisors bought a new position in shares of D-Wave Quantum in the fourth quarter valued at $162,000. Sovereign Financial Group Inc. bought a new stake in D-Wave Quantum in the fourth quarter worth about $179,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum in the second quarter valued at about $45,000. SG Americas Securities LLC bought a new position in shares of D-Wave Quantum during the 3rd quarter valued at approximately $42,000. Finally, Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum in the 3rd quarter worth approximately $49,000. 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.