D-Wave Quantum (NYSE:QBTS) Shares Down 11.5% - Should You Sell?

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

Analyst Upgrades and Downgrades

Several research firms recently commented on QBTS. B. Riley boosted their target price on D-Wave Quantum from $9.00 to $11.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Needham & Company LLC reissued a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark reaffirmed a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Roth Mkm raised their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a report on Thursday, December 12th. Finally, Craig Hallum boosted 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. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $6.71.

D-Wave Quantum Price Performance

The firm's 50 day moving average price is $6.80 and its two-hundred day moving average price is $3.42. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of -13.99 and a beta of 1.10.

Insider Activity

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the company's stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the transaction, the chief financial officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $6.68, for a total transaction of $6,680,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. Company insiders own 7.22% of the company's stock.

Institutional Trading of D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of QBTS. Vanguard Group Inc. boosted its holdings in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after purchasing an additional 3,624,407 shares during the last quarter. Bank of America Corp DE grew its holdings in D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after buying an additional 2,497,263 shares during the period. UNICOM Systems Inc. purchased a new position in shares of D-Wave Quantum during the 4th quarter worth about $20,258,000. Penserra Capital Management LLC boosted its position in shares of 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 worth $4,409,000 after acquiring an additional 839,942 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock worth $2,513,000 after purchasing an additional 645,039 shares during the period. 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.