D-Wave Quantum (NYSE:QBTS) Shares Down 4.4% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was down 4.4% during trading on Monday . The stock traded as low as $5.36 and last traded at $5.68. Approximately 27,241,564 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 97,659,156 shares. The stock had previously closed at $5.94.

Wall Street Analyst Weigh In

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

D-Wave Quantum Stock Performance

The company has a 50 day simple moving average of $6.03 and a two-hundred day simple moving average of $2.83. The firm has a market cap of $1.57 billion, a PE ratio of -13.73 and a beta of 1.10.

Insiders Place Their Bets

In related news, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was 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 of the company’s stock, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,152,665 shares of company stock valued at $92,096,075. 7.22% of the stock is owned by insiders.

Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new stake in D-Wave Quantum in the 3rd quarter valued at $42,000. Bogart Wealth LLC purchased a new position in D-Wave Quantum during the third quarter valued at $49,000. Kingsview Wealth Management LLC acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $84,000. Spire Wealth Management purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth about $90,000. Finally, Vontobel Holding Ltd. acquired a new position in shares of D-Wave Quantum during the 4th quarter worth about $105,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.