D-Wave Quantum (NYSE:QBTS) Stock Price Down 0.2% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price fell 0.2% during trading on Thursday . The company traded as low as $5.14 and last traded at $5.59. 17,974,786 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 78,555,930 shares. The stock had previously closed at $5.60.

Analyst Upgrades and Downgrades

Several research analysts recently commented on QBTS shares. Craig Hallum lifted their price target 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. Roth Mkm lifted their target price on 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 increased their price target on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 14th. Benchmark restated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Stock Performance

The stock has a fifty day moving average of $6.49 and a 200-day moving average of $3.63. The company has a market cap of $1.42 billion, a PE ratio of -12.57 and a beta of 1.10.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the transaction, the insider now directly owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John M. Markovich sold 5,582 shares of the business’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 $29,417.14. Following the completion of the sale, the chief financial officer now owns 1,064,556 shares of the company’s stock, 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. Over the last ninety days, insiders sold 20,152,665 shares of company stock valued at $92,096,075. 7.22% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after acquiring an additional 3,624,407 shares during the period. Bank of America Corp DE raised its holdings in shares of D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after purchasing an additional 2,497,263 shares in the last quarter. UNICOM Systems Inc. purchased a new stake in shares of D-Wave Quantum in the 4th quarter worth approximately $20,258,000. Penserra Capital Management LLC boosted its stake in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares in the last quarter. 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.