D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.4% – Here’s Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS) fell 2.4% during trading on Thursday . The stock traded as low as $5.61 and last traded at $5.65. 71,598,915 shares traded hands during trading, a decline of 33% from the average session volume of 107,576,641 shares. The stock had previously closed at $5.79.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on QBTS shares. Benchmark reiterated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday. B. Riley increased their target price on D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research note on Tuesday. Roth Mkm upped their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Craig Hallum boosted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price target 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, the stock currently has an average rating of “Buy” and a consensus price target of $6.38.

D-Wave Quantum Stock Up 6.1 %

The stock’s fifty day simple moving average is $4.97 and its 200 day simple moving average is $2.41. The firm has a market capitalization of $1.65 billion, a PE ratio of -14.64 and a beta of 1.16.

Insider Activity at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of D-Wave Quantum stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 20,138,711 shares of company stock worth $92,022,537. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arkadios Wealth Advisors purchased a new stake in shares of D-Wave Quantum in the fourth quarter worth $162,000. Sovereign Financial Group Inc. bought a new stake in D-Wave Quantum in the 4th quarter worth approximately $179,000. Thoroughbred Financial Services LLC purchased a new stake in shares of D-Wave Quantum during the 2nd quarter worth approximately $45,000. SG Americas Securities LLC bought a new position in shares of D-Wave Quantum during the 3rd quarter valued at approximately $42,000. Finally, Bogart Wealth LLC purchased a new position in shares of D-Wave Quantum in the third quarter valued at $49,000. 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.