D-Wave Quantum (NYSE:QBTS) Shares Down 11.5% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price fell 11.5% during trading on Monday . The stock traded as low as $6.25 and last traded at $6.42. 32,610,468 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 85,823,742 shares. The stock had previously closed at $7.25.

Wall Street Analyst Weigh In

A number of research firms have weighed in on QBTS. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum lifted their target price on shares of 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 raised their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. B. Riley raised their price objective on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Benchmark reiterated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum currently has an average rating of “Buy” and an average target price of $6.71.

D-Wave Quantum Stock Performance

The company has a 50 day moving average of $6.82 and a 200 day moving average of $3.38. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of -16.23 and a beta of 1.10.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the transaction, the insider now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,152,665 shares of company stock valued at $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after purchasing an additional 3,624,407 shares during the period. Penserra Capital Management LLC raised 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 period. Geode Capital Management LLC lifted its stake in D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock worth $24,992,000 after purchasing an additional 418,468 shares in the last quarter. Bank of America Corp DE boosted its position in shares of D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after buying an additional 2,497,263 shares during the period. Finally, UNICOM Systems Inc. acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at $20,258,000. 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.