D-Wave Quantum (NYSE:QBTS) Shares Down 7.9% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) shares dropped 7.9% during mid-day trading on Wednesday . The company traded as low as $9.90 and last traded at $9.95. Approximately 39,187,097 shares traded hands during mid-day trading, an increase of 33% from the average daily volume of 29,480,284 shares. The stock had previously closed at $10.80.

Analysts Set New Price Targets

Several equities analysts have weighed in on QBTS shares. Benchmark reaffirmed a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley increased their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Roth Mkm boosted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Craig Hallum increased their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Needham & Company LLC restated a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum has an average rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Stock Performance

The firm has a market cap of $2.73 billion, a price-to-earnings ratio of -24.26 and a beta of 1.12. The firm’s 50 day moving average is $6.11 and its 200-day moving average is $4.05.

Insiders Place Their Bets

In related news, CEO Alan E. Baratz sold 8,372 shares of the firm’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 $44,120.44. Following the transaction, the chief executive officer now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the sale, the insider now owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,071,206 shares of company stock valued at $53,438,181 over the last quarter. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several large investors have recently modified their holdings of QBTS. Fourth Dimension Wealth LLC acquired a new position in D-Wave Quantum during the 4th quarter worth $26,000. PNC Financial Services Group Inc. bought a new position in shares of D-Wave Quantum in the fourth quarter worth about $38,000. Heritage Wealth Advisors acquired a new position in shares of D-Wave Quantum during the 4th quarter worth about $67,000. Kingsview Wealth Management LLC bought a new stake in D-Wave Quantum during the 4th quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. grew 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 buying an additional 1,766 shares during the last quarter. 42.47% of the stock is owned by 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.