D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.5% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares were down 2.5% on Tuesday . The stock traded as low as $5.61 and last traded at $5.69. Approximately 11,877,357 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 89,148,492 shares. The stock had previously closed at $5.83.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on QBTS shares. B. Riley lifted their price objective on D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Craig Hallum boosted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Benchmark restated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Roth Mkm raised their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued 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 MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Trading Down 6.3 %

The business has a 50 day simple moving average of $6.40 and a two-hundred day simple moving average of $3.03. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of -13.06 and a beta of 1.10.

Insider Buying and Selling

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the transaction, the insider now 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,152,665 shares of company stock worth $92,096,075. Insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently modified their holdings of the business. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum in the fourth quarter valued at approximately $38,000. SG Americas Securities LLC acquired a new stake in D-Wave Quantum in the third quarter worth $42,000. Bogart Wealth LLC bought a new stake in D-Wave Quantum in the third quarter valued at $49,000. Kingsview Wealth Management LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at $84,000. Finally, Spire Wealth Management acquired a new stake in shares of D-Wave Quantum in the 4th quarter worth about $90,000. Institutional investors 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.