D-Wave Quantum (NYSE:QBTS) Trading Down 11.5% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS) shares traded down 11.5% during trading on Monday . The company traded as low as $6.25 and last traded at $6.42. 32,610,468 shares changed hands during trading, a decline of 62% from the average session volume of 85,823,742 shares. The stock had previously closed at $7.25.

Wall Street Analyst Weigh In

A number of research firms have issued reports on QBTS. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Roth Mkm increased their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. B. Riley upped their target price on D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, 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 report on Friday, December 20th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum presently has a consensus rating of “Buy” and an average price target of $6.71.

D-Wave Quantum Stock Up 3.5 %

The company’s 50-day simple moving average is $6.75 and its 200 day simple moving average is $3.46. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of -14.60 and a beta of 1.10.

Insider Activity

In related news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the completion of the transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in the business. Barclays PLC increased its position in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after buying an additional 89,894 shares during the period. Silverleafe Capital Partners LLC acquired a new stake in shares of D-Wave Quantum in the fourth quarter worth $820,000. Patriot Financial Group Insurance Agency LLC bought a new position in D-Wave Quantum during the fourth quarter worth $488,000. Stephens Inc. AR acquired a new position in D-Wave Quantum during the 4th quarter valued at $494,000. Finally, Geode Capital Management LLC raised its stake in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares during the last quarter. Institutional investors and hedge funds 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.