D-Wave Quantum (NYSE:QBTS) Trading Down 2.4% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price was down 2.4% during mid-day trading on Thursday . The company traded as low as $5.61 and last traded at $5.65. Approximately 71,598,915 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 107,576,641 shares. The stock had previously closed at $5.79.

Analyst Ratings Changes

Several research firms recently weighed in on QBTS. Benchmark reiterated a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday. Needham & Company LLC reiterated a "buy" rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley boosted their price objective on D-Wave Quantum from $4.50 to $9.00 and gave the company a "buy" rating in a research report on Tuesday. Roth Mkm increased their target price 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. Finally, Craig Hallum boosted their price target 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 equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $6.38.

D-Wave Quantum Trading Up 0.1 %

The company has a market cap of $1.56 billion, a price-to-earnings ratio of -13.80 and a beta of 1.16. The stock has a 50-day simple moving average of $5.06 and a 200-day simple moving average of $2.43.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business's stock in a transaction that occurred 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 $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 20,138,711 shares of company stock valued at $92,022,537 over the last 90 days. 7.22% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently modified their holdings of the company. Barclays PLC boosted its stake in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after buying an additional 89,894 shares in the last quarter. Silverleafe Capital Partners LLC bought a new position in shares of D-Wave Quantum during the 4th quarter valued at about $820,000. 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 worth $2,513,000 after purchasing an additional 645,039 shares during the last quarter. State Street Corp raised its holdings in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Finally, Penserra Capital Management LLC lifted its stake in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after purchasing an additional 839,942 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.