D-Wave Quantum (NYSE:QBTS) Trading Down 8.8% – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 8.8% during trading on Monday . The company traded as low as $8.40 and last traded at $9.04. Approximately 29,151,489 shares were traded during trading, an increase of 131% from the average daily volume of 12,633,231 shares. The stock had previously closed at $9.91.

Analysts Set New Price Targets

Several research analysts recently weighed in on QBTS shares. Needham & Company LLC restated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum lifted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Benchmark increased their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 20th. B. Riley lifted their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Roth Mkm increased their target price 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 equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $5.63.

D-Wave Quantum Stock Performance

The firm’s 50 day moving average price is $3.72 and its two-hundred day moving average price is $1.97. The firm has a market cap of $1.88 billion, a PE ratio of -20.00 and a beta of 1.79.

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the transaction, the insider now owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders sold 10,081,459 shares of company stock worth $45,337,894. Company 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 stock. Barclays PLC grew its stake in shares of D-Wave Quantum by 298.3% in 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 in the last quarter. Geode Capital Management LLC boosted its stake in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying an additional 645,039 shares during the period. State Street Corp grew its position in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares in the last quarter. Penserra Capital Management LLC raised its holdings in D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after acquiring an additional 839,942 shares in the last quarter. Finally, Bogart Wealth LLC acquired a new stake in D-Wave Quantum in the third quarter valued at approximately $49,000. 42.47% of the stock is currently 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.