D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.4% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price dropped 2.4% on Thursday . The stock traded as low as $5.61 and last traded at $5.65. Approximately 71,598,915 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 107,576,641 shares. The stock had previously closed at $5.79.

Analyst Ratings Changes

Several brokerages recently issued reports on QBTS. Benchmark reaffirmed a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday. Roth Mkm lifted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Craig Hallum increased their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC restated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, B. Riley raised their price objective on D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research report on Tuesday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $6.38.

D-Wave Quantum Stock Performance

The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -12.56 and a beta of 1.16. The company has a 50 day moving average of $5.22 and a 200-day moving average of $2.48.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the transaction, the insider now directly owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 20,138,711 shares of company stock valued at $92,022,537. 7.22% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently modified their holdings of the company. State Street Corp increased its holdings 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 buying an additional 17,225 shares during the last quarter. Arkadios Wealth Advisors acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at $162,000. Sovereign Financial Group Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $179,000. Traynor Capital Management Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $219,000. Finally, Veracity Capital LLC acquired a new stake in D-Wave Quantum during the 4th quarter worth approximately $228,000. 42.47% of the stock is owned by hedge funds and other 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.