D-Wave Quantum (NYSE:QBTS) Shares Down 4.6% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) dropped 4.6% during mid-day trading on Tuesday . The stock traded as low as $8.59 and last traded at $8.87. Approximately 15,675,662 shares traded hands during trading, an increase of 23% from the average daily volume of 12,764,130 shares. The stock had previously closed at $9.30.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on QBTS. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. 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 research note on Thursday, December 12th. B. Riley raised their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Benchmark boosted their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, Craig Hallum increased their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and an average price target of $5.63.

D-Wave Quantum Trading Down 7.2 %

The business has a 50-day moving average of $3.41 and a 200 day moving average of $1.86. The firm has a market capitalization of $1.93 billion, a PE ratio of -20.55 and a beta of 1.79.

Insider Activity at D-Wave Quantum

In other 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 value of $6,680,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 10,081,459 shares of company stock valued at $45,337,894 over the last ninety days. Corporate insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of QBTS. Bank of New York Mellon Corp bought a new stake in shares of D-Wave Quantum during the 2nd quarter worth $251,000. Rhumbline Advisers purchased a new stake in D-Wave Quantum during the second quarter worth about $93,000. Thoroughbred Financial Services LLC bought a new stake in D-Wave Quantum in the second quarter worth about $45,000. XTX Topco Ltd purchased a new position in D-Wave Quantum in the second quarter valued at about $163,000. Finally, Marshall Wace LLP bought a new position in shares of D-Wave Quantum during the 2nd quarter valued at approximately $265,000. Hedge funds and other 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.