D-Wave Quantum (NYSE:QBTS) Shares Down 4.6% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS) shares 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 changed hands during mid-day trading, an increase of 23% from the average daily volume of 12,764,130 shares. The stock had previously closed at $9.30.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Craig Hallum upped their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm lifted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. B. Riley upped their price target 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. Finally, Benchmark raised their price objective on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Price Performance

The business’s fifty day moving average price is $3.41 and its 200-day moving average price is $1.86. The stock has a market capitalization of $1.93 billion, a PE ratio of -20.55 and a beta of 1.79.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 10,081,459 shares of company stock valued at $45,337,894. Company insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently modified their holdings of QBTS. Penserra Capital Management LLC increased its position in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares during the last quarter. Squarepoint Ops LLC purchased a new position in D-Wave Quantum in the 2nd quarter worth approximately $163,000. Bank of New York Mellon Corp bought a new position in shares of D-Wave Quantum in the 2nd quarter worth $251,000. Thoroughbred Financial Services LLC purchased a new stake in shares of D-Wave Quantum during the 2nd quarter valued at $45,000. Finally, Marshall Wace LLP bought a new stake in shares of D-Wave Quantum during the 2nd quarter worth $265,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.