D-Wave Quantum (NYSE:QBTS) Stock Price Down 5.9% – Here’s Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS) fell 5.9% during trading on Tuesday . The company traded as low as $5.93 and last traded at $6.00. 24,136,507 shares changed hands during trading, a decline of 72% from the average session volume of 85,261,508 shares. The stock had previously closed at $6.37.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on QBTS. Craig Hallum raised their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. B. Riley lifted their price target on D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday. Roth Mkm increased their price objective 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. Finally, Benchmark reaffirmed a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $6.71.

D-Wave Quantum Stock Down 5.6 %

The stock has a 50-day moving average of $6.62 and a 200 day moving average of $3.21. The stock has a market cap of $1.62 billion, a PE ratio of -14.32 and a beta of 1.10.

Insiders Place Their Bets

In related news, CFO John M. Markovich sold 5,582 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the transaction, the insider now owns 18,730,193 shares of the company’s stock, valued at $91,216,039.91. The trade was a 3.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock valued at $92,096,075 in the last three months. 7.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fourth Dimension Wealth LLC purchased a new stake in D-Wave Quantum in the 4th quarter valued at about $26,000. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $38,000. Heritage Wealth Advisors acquired a new position in shares of D-Wave Quantum in the 4th quarter worth approximately $67,000. Kingsview Wealth Management LLC purchased a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $84,000. Finally, Summit Investment Advisors Inc. increased its holdings in D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after purchasing an additional 1,766 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.