D-Wave Quantum (NYSE:QBTS) Trading Down 1.1% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price dropped 1.1% on Friday . The stock traded as low as $8.83 and last traded at $9.50. Approximately 28,528,932 shares traded hands during trading, a decline of 36% from the average daily volume of 44,788,922 shares. The stock had previously closed at $9.61.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on QBTS shares. Roth Mkm lifted their price target 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. Benchmark lifted their target price on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 20th. B. Riley increased 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. Craig Hallum boosted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, 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. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum has an average rating of “Buy” and a consensus target price of $5.63.

D-Wave Quantum Stock Performance

The firm has a market cap of $2.46 billion, a P/E ratio of -21.76 and a beta of 1.79. The business’s 50-day simple moving average is $4.20 and its 200 day simple moving average is $2.13.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $6.68, for a total value of $6,680,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold a total of 10,081,459 shares of company stock worth $45,337,894 in the last ninety days. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Bank of New York Mellon Corp bought a new stake in shares of D-Wave Quantum during the 2nd quarter valued at $251,000. Rhumbline Advisers purchased a new position in D-Wave Quantum during the second quarter valued at $93,000. Thoroughbred Financial Services LLC bought a new stake in D-Wave Quantum during the second quarter valued at about $45,000. XTX Topco Ltd purchased a new stake in D-Wave Quantum in the second quarter worth about $163,000. Finally, Marshall Wace LLP bought a new position in shares of D-Wave Quantum in the second quarter worth about $265,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.