D-Wave Quantum (NYSE:QBTS) Stock Price Down 8.9% on Insider Selling

D-Wave Quantum Inc. (NYSE:QBTS)’s share price fell 8.9% on Monday after an insider sold shares in the company. The stock traded as low as $5.53 and last traded at $5.55. 39,383,044 shares traded hands during trading, a decline of 64% from the average session volume of 110,752,328 shares. The stock had previously closed at $6.09.

Specifically, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

QBTS has been the subject of several research reports. Benchmark reaffirmed 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 lifted their price target on D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Craig Hallum upped their price objective on 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 boosted their price target on shares of 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, Needham & Company LLC restated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum presently has an average rating of “Buy” and an average target price of $6.38.

D-Wave Quantum Price Performance

The firm’s fifty day simple moving average is $5.82 and its 200 day simple moving average is $2.73. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of -13.11 and a beta of 1.16.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. SG Americas Securities LLC purchased a new position in D-Wave Quantum during the third quarter valued at approximately $42,000. Bogart Wealth LLC purchased a new stake in D-Wave Quantum in the 3rd quarter worth approximately $49,000. Kingsview Wealth Management LLC acquired a new stake in shares of D-Wave Quantum during the 4th quarter valued at $84,000. Spire Wealth Management purchased a new position in shares of D-Wave Quantum during the 4th quarter valued at $90,000. Finally, Rhumbline Advisers acquired a new position in shares of D-Wave Quantum in the second quarter worth $93,000. Institutional investors and hedge funds 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.