D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.5% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) traded down 2.5% during mid-day trading on Friday . The stock traded as low as $5.47 and last traded at $5.67. 35,970,401 shares were traded during mid-day trading, a decline of 67% from the average session volume of 109,499,180 shares. The stock had previously closed at $5.81.

Analyst Ratings Changes

QBTS has been the subject of a number of recent analyst reports. B. Riley boosted their price target on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Benchmark restated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Craig Hallum lifted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, Roth Mkm upped their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Buy” and an average target price of $6.38.

D-Wave Quantum Price Performance

The stock has a market cap of $1.42 billion, a P/E ratio of -12.56 and a beta of 1.16. The company has a 50 day simple moving average of $5.22 and a 200-day simple moving average of $2.48.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now owns 30,000,000 shares in the company, valued at $122,100,000. This trade represents a 19.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 20,138,711 shares of company stock worth $92,022,537 in the last quarter. 7.22% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. State Street Corp boosted its holdings in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares during the period. Arkadios Wealth Advisors purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $162,000. Sovereign Financial Group Inc. bought a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $179,000. Traynor Capital Management Inc. purchased a new position in shares of D-Wave Quantum in the fourth quarter worth $219,000. Finally, Veracity Capital LLC bought a new stake in D-Wave Quantum during the 4th quarter valued at $228,000. 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.