D-Wave Quantum (NYSE:QBTS) Trading Down 1.9% - Here's Why

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price traded down 1.9% during trading on Monday . The company traded as low as $6.33 and last traded at $6.38. 52,042,809 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 91,239,728 shares. The stock had previously closed at $6.50.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Roth Mkm raised their price target 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. B. Riley raised their price target on shares of D-Wave Quantum from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Benchmark reaffirmed a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Craig Hallum raised their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum presently has a consensus rating of "Buy" and a consensus target price of $6.71.

D-Wave Quantum Stock Up 13.4 %

The business's 50-day moving average is $6.77 and its two-hundred day moving average is $3.30. The company has a market capitalization of $2.00 billion, a P/E ratio of -17.65 and a beta of 1.10.

Insider Activity 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 dated 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 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 SEC, which is accessible through this link. Also, CFO John M. Markovich sold 5,582 shares of the firm'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 $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares of the company's stock, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,152,665 shares of company stock valued at $92,096,075 over the last ninety days. Corporate insiders own 7.22% of the company's stock.

Institutional Trading of D-Wave Quantum

A number of large investors have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. increased its holdings in D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after buying an additional 3,624,407 shares during the last quarter. Bank of America Corp DE increased its stake in shares of D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after purchasing an additional 2,497,263 shares in the last quarter. UNICOM Systems Inc. purchased a new position in shares of D-Wave Quantum in the fourth quarter worth about $20,258,000. Penserra Capital Management LLC increased its stake in shares of D-Wave Quantum by 23.0% in the third 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 in the last quarter. Finally, Geode Capital Management LLC increased its stake 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 worth $2,513,000 after purchasing an additional 645,039 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company's stock.

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.