D-Wave Quantum (NYSE:QBTS) Stock Price Down 5.9% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price dropped 5.9% during trading on Tuesday . The company traded as low as $5.93 and last traded at $6.00. Approximately 24,136,507 shares traded hands during trading, a decline of 72% from the average daily volume of 85,261,508 shares. The stock had previously closed at $6.37.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on QBTS. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Craig Hallum upped their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Roth Mkm raised their price target 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. Benchmark reaffirmed a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Finally, B. Riley lifted their target price on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Stock Performance

The company’s 50-day moving average price is $6.62 and its 200-day moving average price is $3.21. The firm has a market capitalization of $1.62 billion, a PE ratio of -14.32 and a beta of 1.10.

Insiders Place Their Bets

In other news, CFO John M. Markovich sold 5,582 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 value 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 approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock valued at $92,096,075 in the last ninety days. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently bought and sold shares of the stock. Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth about $26,000. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum during the 4th quarter worth approximately $38,000. SG Americas Securities LLC acquired a new position in D-Wave Quantum during the third quarter worth approximately $42,000. Bogart Wealth LLC purchased a new stake in D-Wave Quantum in the third quarter valued at approximately $49,000. Finally, Heritage Wealth Advisors acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $67,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

About D-Wave Quantum

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.