D-Wave Quantum (NYSE:QBTS) Trading Down 3.7% - Here's What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) were down 3.7% during trading on Friday . The company traded as low as $5.89 and last traded at $5.77. Approximately 29,068,444 shares changed hands during trading, a decline of 69% from the average daily volume of 92,632,039 shares. The stock had previously closed at $5.99.

Analyst Ratings Changes

Several analysts have recently issued reports on QBTS shares. Needham & Company LLC reiterated a "buy" rating and issued a $2.25 target price 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. Benchmark reiterated a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Roth Mkm upped their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. Finally, B. Riley upped their target price on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a "buy" rating in a research note on Tuesday, January 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of "Buy" and a consensus target price of $6.38.

D-Wave Quantum Price Performance

The firm has a market capitalization of $1.57 billion, a PE ratio of -13.85 and a beta of 1.10. The company's fifty day simple moving average is $6.34 and its 200 day simple moving average is $3.00.

Insider Buying and Selling at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the firm's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 1,000,000 shares of the company's stock, valued at $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,152,665 shares of company stock valued at $92,096,075 over the last three months. 7.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC raised its stake in D-Wave Quantum by 38.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company's stock valued at $110,000 after purchasing an additional 3,660 shares in the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $38,000. Kingsview Wealth Management LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $84,000. Victory Capital Management Inc. raised its stake in shares of D-Wave Quantum by 55.1% during the fourth quarter. Victory Capital Management Inc. now owns 29,399 shares of the company's stock worth $247,000 after acquiring an additional 10,444 shares in the last quarter. Finally, Spire Wealth Management purchased a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $90,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.