D-Wave Quantum (NYSE:QBTS) Stock Price Down 1.5% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS) shares fell 1.5% on Wednesday . The stock traded as low as $6.28 and last traded at $6.20. 75,877,128 shares were traded during trading, a decline of 32% from the average session volume of 111,769,914 shares. The stock had previously closed at $6.29.

Wall Street Analyst Weigh In

Several research firms recently issued reports on QBTS. B. Riley raised their target price on D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum lifted their price target 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. Benchmark reaffirmed a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Finally, Roth Mkm boosted 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. Six research 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 Stock Performance

The company has a market capitalization of $1.73 billion, a P/E ratio of -15.16 and a beta of 1.16. The stock has a fifty day moving average of $5.39 and a 200 day moving average of $2.57.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the transaction, the insider now directly owns 30,000,000 shares in the company, valued at approximately $122,100,000. This represents a 19.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 20,138,711 shares of company stock worth $92,022,537. 7.22% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in shares of D-Wave Quantum in the 3rd quarter worth about $42,000. Bogart Wealth LLC bought a new stake in D-Wave Quantum in the third quarter worth about $49,000. Rhumbline Advisers purchased a new position in shares of D-Wave Quantum during the second quarter valued at approximately $93,000. Barclays PLC grew its stake in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after buying an additional 89,894 shares during the last quarter. Finally, Arkadios Wealth Advisors purchased a new position in D-Wave Quantum during the 4th quarter valued at $162,000. Hedge funds and other 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.