D-Wave Quantum (NYSE:QBTS) Stock Price Down 5.9% - Here's What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) were down 5.9% during trading on Tuesday . The stock traded as low as $5.93 and last traded at $6.00. Approximately 24,136,507 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 85,261,508 shares. The stock had previously closed at $6.37.

Analyst Ratings Changes

Several analysts recently issued reports on QBTS shares. Roth Mkm upped their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Needham & Company LLC reaffirmed a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark reaffirmed a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday, January 14th. Craig Hallum upped their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Finally, B. Riley upped their target price on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a "buy" rating in a research note on Friday, February 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 an average target price of $6.71.

D-Wave Quantum Stock Performance

The company has a market cap of $1.96 billion, a price-to-earnings ratio of -17.30 and a beta of 1.10. The business's 50 day moving average price is $6.77 and its 200-day moving average price is $3.30.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the company's stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,152,665 shares of company stock worth $92,096,075. 7.22% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently made changes to their positions in the company. Barclays PLC grew its holdings in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock worth $117,000 after purchasing an additional 89,894 shares during the last quarter. Silverleafe Capital Partners LLC bought a new stake in D-Wave Quantum during the 4th quarter worth about $820,000. Patriot Financial Group Insurance Agency LLC bought a new stake in D-Wave Quantum during the 4th quarter worth about $488,000. Stephens Inc. AR bought a new stake in D-Wave Quantum during the 4th quarter worth about $494,000. Finally, Geode Capital Management LLC boosted 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 purchasing an additional 645,039 shares during the last quarter. Institutional investors own 42.47% of the company's stock.

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.