D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.5% - Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded down 2.5% during trading on Tuesday . The company traded as low as $5.61 and last traded at $5.69. 11,877,357 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 89,148,492 shares. The stock had previously closed at $5.83.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Benchmark reissued a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Roth Mkm increased their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. B. Riley increased their price objective 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. Needham & Company LLC restated a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Craig Hallum upped 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 analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $6.71.

D-Wave Quantum Stock Performance

The company has a market capitalization of $1.72 billion, a PE ratio of -15.18 and a beta of 1.10. The stock's fifty day simple moving average is $6.56 and its 200-day simple moving average is $3.11.

Insider Transactions at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO John M. Markovich sold 5,582 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 transaction of $29,417.14. Following the completion of the transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,152,665 shares of company stock worth $92,096,075 in the last three months. Company insiders own 7.22% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Barclays PLC raised its holdings in D-Wave Quantum by 298.3% in 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 during the period. Silverleafe Capital Partners LLC purchased a new position in D-Wave Quantum in the fourth quarter valued at approximately $820,000. Patriot Financial Group Insurance Agency LLC purchased a new position in D-Wave Quantum in the fourth quarter valued at approximately $488,000. Geode Capital Management LLC grew its position in 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 valued at $2,513,000 after acquiring an additional 645,039 shares in the last quarter. Finally, State Street Corp grew its position in D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company's stock valued at $1,986,000 after acquiring an additional 17,225 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.