D-Wave Quantum (NYSE:QBTS) Stock Price Down 0.9% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s share price fell 0.9% during mid-day trading on Thursday . The company traded as low as $6.04 and last traded at $6.19. 43,673,145 shares were traded during trading, a decline of 60% from the average session volume of 110,551,805 shares. The stock had previously closed at $6.25.

Analyst Upgrades and Downgrades

A number of analysts recently commented on QBTS shares. Needham & Company LLC reissued a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley boosted their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Craig Hallum upped their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Roth Mkm upped their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, Benchmark reaffirmed a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum presently has an average rating of “Buy” and an average target price of $6.38.

D-Wave Quantum Price Performance

The business’s 50-day moving average price is $5.48 and its two-hundred day moving average price is $2.59. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of -14.24 and a beta of 1.16.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’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 completion of the transaction, the insider now owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 20,138,711 shares of company stock valued at $92,022,537. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently made changes to their positions in the business. Penserra Capital Management LLC increased its stake in D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the period. Geode Capital Management LLC increased its stake in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares during the period. State Street Corp increased its stake in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares during the period. Marshall Wace LLP purchased a new stake in D-Wave Quantum during the 2nd quarter worth $265,000. Finally, Bank of New York Mellon Corp purchased a new stake in D-Wave Quantum during the 2nd quarter worth $251,000. 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.