D-Wave Quantum (NYSE:QBTS) Trading Down 2.5% - Here's Why

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares fell 2.5% during trading on Tuesday . The company traded as low as $5.61 and last traded at $5.69. 11,877,357 shares changed hands during trading, a decline of 87% from the average session volume of 89,148,492 shares. The stock had previously closed at $5.83.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on QBTS. B. Riley boosted their price objective on D-Wave Quantum from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Friday. Craig Hallum boosted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a report on Friday, December 20th. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm increased their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. Finally, Benchmark restated a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday, January 14th. 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 Down 1.9 %

The company's 50 day simple moving average is $6.59 and its two-hundred day simple moving average is $3.16. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of -15.18 and a beta of 1.10.

Insider Buying and Selling at D-Wave Quantum

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, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares of the company's stock, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,152,665 shares of company stock valued at $92,096,075. Corporate insiders own 7.22% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after acquiring an additional 3,624,407 shares during the last quarter. UNICOM Systems Inc. acquired a new stake in D-Wave Quantum during the 4th quarter worth about $20,258,000. Penserra Capital Management LLC grew its stake in D-Wave Quantum by 23.0% during the 3rd 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. Geode Capital Management LLC grew 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 in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in D-Wave Quantum during the fourth quarter worth approximately $2,087,000. Hedge funds and other institutional investors 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.