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

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on QBTS shares. B. Riley lifted their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. 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. Benchmark upped their price target on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 20th. Craig Hallum boosted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Roth Mkm upped their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $5.63.

D-Wave Quantum Stock Performance

The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of -13.74 and a beta of 1.16. The business’s 50 day moving average is $4.74 and its 200-day moving average is $2.31.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the 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 $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders sold 10,081,459 shares of company stock valued at $45,337,894. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently made changes to their positions in QBTS. State Street Corp boosted its stake in shares of 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 acquiring an additional 17,225 shares during the period. Thoroughbred Financial Services LLC acquired a new stake in D-Wave Quantum during the 2nd quarter valued at $45,000. SG Americas Securities LLC acquired a new stake in D-Wave Quantum during the 3rd quarter valued at $42,000. Bogart Wealth LLC bought a new position in D-Wave Quantum during the third quarter worth $49,000. Finally, Rhumbline Advisers acquired a new position in shares of D-Wave Quantum in the second quarter valued at $93,000. Institutional investors and hedge funds 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.