D-Wave Quantum (NYSE:QBTS) Shares Down 0.5% – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 0.5% on Monday . The stock traded as low as $5.25 and last traded at $5.45. Approximately 18,644,120 shares changed hands during trading, a decline of 77% from the average daily volume of 81,134,633 shares. The stock had previously closed at $5.48.

Analyst Ratings Changes

QBTS has been the topic of several recent analyst reports. Benchmark reiterated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum boosted their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. B. Riley raised their price objective on D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, Roth Mkm boosted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $6.71.

D-Wave Quantum Price Performance

The stock has a 50 day moving average of $6.66 and a two-hundred day moving average of $3.56. The stock has a market capitalization of $1.32 billion, a PE ratio of -11.67 and a beta of 1.10.

Insiders Place Their Bets

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the sale, the insider now directly owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. The trade was a 3.32 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,152,665 shares of company stock worth $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently made changes to their positions in QBTS. Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter valued at $26,000. PNC Financial Services Group Inc. acquired a new stake in shares of D-Wave Quantum during the 4th quarter worth about $38,000. Heritage Wealth Advisors purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth about $67,000. Kingsview Wealth Management LLC acquired a new position in shares of D-Wave Quantum in the fourth quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. raised its position in shares of D-Wave Quantum by 20.6% in the fourth 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 and hedge funds.

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.