D-Wave Quantum (NYSE:QBTS) Shares Down 4.4% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) shares dropped 4.4% during trading on Monday . The stock traded as low as $5.36 and last traded at $5.68. Approximately 27,241,564 shares changed hands during trading, a decline of 72% from the average daily volume of 97,659,156 shares. The stock had previously closed at $5.94.

Wall Street Analysts Forecast Growth

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

D-Wave Quantum Price Performance

The firm has a fifty day moving average price of $6.15 and a two-hundred day moving average price of $2.89. The stock has a market capitalization of $1.68 billion, a PE ratio of -14.89 and a beta of 1.10.

Insider Activity

In related news, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This trade represents a 0.52 % 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 643,866 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total value of $3,135,627.42. Following the sale, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,152,665 shares of company stock valued at $92,096,075. 7.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in QBTS. Kingsview Wealth Management LLC purchased a new stake in D-Wave Quantum in the fourth quarter valued at about $84,000. Spire Wealth Management acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at about $90,000. Vontobel Holding Ltd. purchased a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $105,000. Truist Financial Corp acquired a new stake in D-Wave Quantum in the 4th quarter worth approximately $108,000. Finally, Jacobi Capital Management LLC grew its position in D-Wave Quantum by 107.4% during the 4th quarter. Jacobi Capital Management LLC now owns 25,100 shares of the company’s stock worth $211,000 after purchasing an additional 13,000 shares during the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.