D-Wave Quantum (NYSE:QBTS) Stock Price Down 9.7% - Here's Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) dropped 9.7% during mid-day trading on Wednesday . The company traded as low as $8.25 and last traded at $8.40. Approximately 40,311,750 shares were traded during trading, an increase of 213% from the average daily volume of 12,869,937 shares. The stock had previously closed at $9.30.

Wall Street Analysts Forecast Growth

A number of analysts have commented on QBTS shares. Needham & Company LLC reissued a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm upped their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Benchmark raised their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the company a "buy" rating in a research note on Friday, December 20th. B. Riley upped 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. Finally, Craig Hallum increased 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. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $5.63.

D-Wave Quantum Trading Down 9.7 %

The stock has a market capitalization of $1.88 billion, a PE ratio of -20.00 and a beta of 1.79. The firm has a 50-day moving average price of $3.86 and a 200-day moving average price of $2.01.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $6.68, for a total transaction of $6,680,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 10,081,459 shares of company stock worth $45,337,894 over the last three months. 7.22% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the business. Penserra Capital Management LLC boosted 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 worth $4,409,000 after purchasing an additional 839,942 shares during the period. Geode Capital Management LLC grew its stake in D-Wave Quantum by 33.8% during 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 increased its holdings in D-Wave Quantum by 0.9% during the 3rd 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 period. Marshall Wace LLP purchased a new stake in D-Wave Quantum in the 2nd quarter worth approximately $265,000. Finally, Bank of New York Mellon Corp purchased a new stake in D-Wave Quantum in the 2nd quarter worth approximately $251,000. 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.