D-Wave Quantum (NYSE:QBTS) Trading Down 2.5% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS) dropped 2.5% during trading on Tuesday . The company traded as low as $9.48 and last traded at $10.91. Approximately 67,243,166 shares changed hands during trading, an increase of 132% from the average daily volume of 29,013,954 shares. The stock had previously closed at $11.18.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on QBTS shares. Craig Hallum boosted 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. Benchmark reissued a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a report on Friday. B. Riley increased their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday. Roth Mkm lifted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Needham & Company LLC reissued a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a research report on Friday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Price Performance

The company has a fifty day moving average price of $6.09 and a 200 day moving average price of $3.98. The company has a market capitalization of $3.03 billion, a P/E ratio of -27.11 and a beta of 1.12.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $6.68, for a total value of $6,680,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,071,206 shares of company stock valued at $53,438,181 over the last three months. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC bought a new stake in shares of D-Wave Quantum during the 4th quarter worth about $26,000. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $38,000. Heritage Wealth Advisors acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth approximately $67,000. Kingsview Wealth Management LLC acquired a new position in D-Wave Quantum in the fourth quarter worth approximately $84,000. Finally, Summit Investment Advisors Inc. lifted its position in shares of D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after buying an additional 1,766 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.