D-Wave Quantum (NYSE:QBTS) Shares Down 27.7% - Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) was down 27.7% during mid-day trading on Monday . The stock traded as low as $4.03 and last traded at $4.17. Approximately 47,761,019 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 85,795,711 shares. The stock had previously closed at $5.77.

Analyst Ratings Changes

QBTS has been the subject of several analyst reports. Benchmark increased their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the company a "buy" rating in a report on Friday, December 20th. B. Riley lifted their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a "buy" rating in a research note on Monday, November 25th. Roth Mkm upped 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 note on Thursday, December 12th. Needham & Company LLC reiterated a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Craig Hallum boosted their price objective 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. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $5.63.

D-Wave Quantum Stock Performance

The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -9.17 and a beta of 1.16. The firm's 50 day simple moving average is $4.89 and its 200 day simple moving average is $2.38.

Insider Buying and Selling at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm's stock in a transaction on Thursday, December 12th. The shares were 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 in the company, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have sold 10,081,459 shares of company stock valued at $45,337,894. 7.22% of the stock is owned by insiders.

Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently made changes to their positions in QBTS. Penserra Capital Management LLC lifted its stake in D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after buying an additional 839,942 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after acquiring an additional 645,039 shares in the last quarter. State Street Corp boosted its stake in shares of D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of D-Wave Quantum during the second quarter worth approximately $265,000. Finally, Bank of New York Mellon Corp acquired a new position in D-Wave Quantum in the 2nd quarter valued at $251,000. 42.47% of the stock is currently 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.