D-Wave Quantum (NYSE:QBTS) Trading Down 7.9% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) dropped 7.9% during mid-day trading on Wednesday . The company traded as low as $9.90 and last traded at $9.95. Approximately 39,187,097 shares changed hands during mid-day trading, an increase of 33% from the average daily volume of 29,480,284 shares. The stock had previously closed at $10.80.

Analyst Ratings Changes

A number of brokerages have recently weighed in on QBTS. Needham & Company LLC reissued a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. 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. B. Riley increased their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. 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 report on Friday, March 14th. Finally, Benchmark reiterated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Down 2.6 %

The stock has a market cap of $2.28 billion, a PE ratio of -19.85 and a beta of 1.12. The business has a 50 day moving average price of $6.25 and a 200 day moving average price of $4.12.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock in a transaction on Friday, January 10th. The shares were sold at an average price of $6.14, for a total value of $17,060,382.96. Following the completion of the transaction, the insider now owns 37,278,688 shares of the company’s stock, valued at approximately $228,891,144.32. The trade was a 6.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,071,206 shares of company stock valued at $46,758,181. 7.22% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

Institutional investors have recently bought and sold shares of the business. Barclays PLC raised its stake in shares of D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after buying an additional 89,894 shares during the period. Silverleafe Capital Partners LLC purchased a new stake in D-Wave Quantum in the 4th quarter worth $820,000. Truist Financial Corp purchased a new position in D-Wave Quantum during the fourth quarter valued at $108,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth about $488,000. Finally, Jones Financial Companies Lllp increased its stake in shares of D-Wave Quantum by 341.7% during the fourth quarter. Jones Financial Companies Lllp now owns 23,688 shares of the company’s stock worth $199,000 after purchasing an additional 18,325 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

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.