D-Wave Quantum (NYSE:QBTS) Shares Down 49.5% – Time to Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 49.5% during trading on Wednesday . The company traded as low as $4.80 and last traded at $4.82. Approximately 79,213,921 shares traded hands during trading, an increase of 10% from the average daily volume of 71,781,461 shares. The stock had previously closed at $9.55.

Wall Street Analysts Forecast Growth

QBTS has been the subject of a number of research reports. Craig Hallum boosted their target price 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. B. Riley upped their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Roth Mkm upped 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 note on Thursday, December 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Benchmark upped their price objective on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Six 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 $5.63.

D-Wave Quantum Trading Down 5.4 %

The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -13.74 and a beta of 1.16. The firm’s fifty day simple moving average is $4.74 and its two-hundred day simple moving average is $2.31.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the transaction, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders have sold 10,081,459 shares of company stock worth $45,337,894. 7.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new stake in D-Wave Quantum during the 3rd quarter worth approximately $42,000. Thoroughbred Financial Services LLC purchased a new stake in shares of D-Wave Quantum in the 2nd quarter valued at approximately $45,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum in the 3rd quarter valued at approximately $49,000. Rhumbline Advisers purchased a new position in shares of D-Wave Quantum in the 2nd quarter valued at $93,000. Finally, Barclays PLC grew its position in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after buying an additional 89,894 shares during the last quarter. 42.47% of the stock is currently 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.