D-Wave Quantum (NYSE:QBTS) Trading Down 2.5% – Time to Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 2.5% during trading on Tuesday . The company traded as low as $9.48 and last traded at $10.91. Approximately 67,243,166 shares changed hands during mid-day trading, an increase of 132% from the average daily volume of 29,013,954 shares. The stock had previously closed at $11.18.

Analyst Upgrades and Downgrades

QBTS has been the subject of a number of analyst reports. B. Riley raised their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a research note on Friday. 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 research note on Friday, December 20th. Roth Mkm lifted 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. Finally, Benchmark restated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Friday. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $8.42.

D-Wave Quantum Stock Performance

The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of -27.11 and a beta of 1.12. The business’s 50-day simple moving average is $6.09 and its 200-day simple moving average is $3.98.

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the transaction, the insider now owns 37,278,688 shares in the company, valued at approximately $228,891,144.32. This trade represents a 6.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction dated 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 owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,071,206 shares of company stock valued at $53,438,181 over the last ninety days. Insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently bought and sold shares of QBTS. Summit Investment Advisors Inc. grew its holdings in shares of 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 period. Invesco Ltd. increased its stake in D-Wave Quantum by 5.1% during the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock worth $358,000 after purchasing an additional 2,051 shares in the last quarter. Corebridge Financial Inc. raised its holdings in D-Wave Quantum by 5.0% during the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock worth $413,000 after buying an additional 2,342 shares during the period. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum during the 4th quarter worth approximately $26,000. Finally, Steward Partners Investment Advisory LLC lifted its position in D-Wave Quantum by 38.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock valued at $110,000 after acquiring an additional 3,660 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.