D-Wave Quantum (NYSE:QBTS) Shares Down 9.7% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS) dropped 9.7% during trading on Wednesday . The stock traded as low as $8.25 and last traded at $8.40. Approximately 40,311,750 shares traded hands during mid-day trading, an increase of 213% from the average daily volume of 12,869,937 shares. The stock had previously closed at $9.30.

Wall Street Analysts Forecast Growth

QBTS has been the topic of a number of recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Craig Hallum raised their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Benchmark upped their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Roth Mkm increased their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Finally, B. Riley boosted their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Trading Up 14.4 %

The company has a market cap of $2.59 billion, a price-to-earnings ratio of -22.88 and a beta of 1.79. The stock has a 50-day simple moving average of $3.86 and a 200-day simple moving average of $2.01.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the completion of the transaction, the insider now directly owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This trade represents a 3.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 10,081,459 shares of company stock worth $45,337,894 over the last ninety days. 7.22% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Institutional investors have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of D-Wave Quantum during the 3rd quarter valued at about $42,000. Thoroughbred Financial Services LLC acquired a new position in D-Wave Quantum in the second quarter worth approximately $45,000. Bogart Wealth LLC bought a new position in shares of D-Wave Quantum in the third quarter valued at $49,000. Rhumbline Advisers acquired a new stake in shares of D-Wave Quantum during the 2nd quarter valued at $93,000. Finally, Barclays PLC boosted its stake in shares of D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares in 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.