D-Wave Quantum (NYSE:QBTS) Trading Down 1.9% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded down 1.9% during trading on Monday . The company traded as low as $6.33 and last traded at $6.38. 52,042,809 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 91,239,728 shares. The stock had previously closed at $6.50.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Benchmark reaffirmed a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report 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 company a “buy” rating in a research report on Friday, December 20th. B. Riley boosted their price objective on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday. Roth Mkm boosted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Trading Down 1.9 %

The firm has a market cap of $1.72 billion, a PE ratio of -15.18 and a beta of 1.10. The firm’s 50 day simple moving average is $6.59 and its 200 day simple moving average is $3.18.

Insiders Place Their Bets

In other news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now owns 30,000,000 shares in the company, valued at $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,152,665 shares of company stock worth $92,096,075 in the last 90 days. 7.22% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Several hedge funds have recently made changes to their positions in QBTS. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $38,000. SG Americas Securities LLC bought a new position in D-Wave Quantum during the 3rd quarter valued at about $42,000. Bogart Wealth LLC bought a new position in D-Wave Quantum during the 3rd quarter valued at about $49,000. Heritage Wealth Advisors bought a new position in D-Wave Quantum during the 4th quarter valued at about $67,000. Finally, Kingsview Wealth Management LLC bought a new position in D-Wave Quantum during the 4th quarter valued at about $84,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.