D-Wave Quantum (NYSE:QBTS) Stock Price Down 3.7% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) was down 3.7% during mid-day trading on Friday . The stock traded as low as $5.89 and last traded at $5.77. Approximately 29,068,444 shares were traded during trading, a decline of 69% from the average daily volume of 92,632,039 shares. The stock had previously closed at $5.99.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on QBTS shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. 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 report on Tuesday, January 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 increased their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, 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. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $6.38.

D-Wave Quantum Stock Performance

The stock has a fifty day simple moving average of $6.28 and a two-hundred day simple moving average of $2.94. The stock has a market cap of $1.56 billion, a PE ratio of -13.80 and a beta of 1.10.

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 that occurred on Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the company’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 value of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. bought a new stake in shares of D-Wave Quantum in the 4th quarter worth approximately $38,000. Kingsview Wealth Management LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at $84,000. Spire Wealth Management bought a new position in shares of D-Wave Quantum during the fourth quarter worth about $90,000. Vontobel Holding Ltd. acquired a new stake in shares of D-Wave Quantum in the 4th quarter worth about $105,000. Finally, Truist Financial Corp bought a new stake in D-Wave Quantum in the 4th quarter valued at about $108,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.