D-Wave Quantum (NYSE:QBTS) Shares Down 36.1% – Should You Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 36.1% on Thursday . The company traded as low as $4.65 and last traded at $6.10. Approximately 180,694,530 shares were traded during trading, an increase of 93% from the average daily volume of 93,449,617 shares. The stock had previously closed at $9.55.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Roth Mkm raised their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. B. Riley lifted their target price on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Benchmark boosted their price objective on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 20th. Craig Hallum lifted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, Needham & Company LLC restated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Stock Performance

The company has a market cap of $1.55 billion, a price-to-earnings ratio of -13.74 and a beta of 1.16. The business has a fifty day moving average price of $4.84 and a 200 day moving average price of $2.34.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total value of $6,680,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders sold 10,081,459 shares of company stock valued at $45,337,894. 7.22% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new stake in shares of D-Wave Quantum in the second quarter worth $251,000. Rhumbline Advisers bought a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $93,000. Thoroughbred Financial Services LLC bought a new position in shares of D-Wave Quantum during the second quarter worth about $45,000. XTX Topco Ltd bought a new position in shares of D-Wave Quantum during the second quarter worth about $163,000. Finally, Marshall Wace LLP acquired a new position in shares of D-Wave Quantum in the second quarter worth approximately $265,000. 42.47% of the stock is currently owned by 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.