D-Wave Quantum (NYSE:QBTS) Trading Down 0.9% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price dropped 0.9% during trading on Thursday . The stock traded as low as $6.04 and last traded at $6.19. Approximately 43,673,145 shares changed hands during trading, a decline of 60% from the average daily volume of 110,551,805 shares. The stock had previously closed at $6.25.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Benchmark restated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. 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 report on Friday, December 20th. Roth Mkm boosted 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. Finally, B. Riley increased their price target on D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $6.38.

D-Wave Quantum Price Performance

The company has a market cap of $1.64 billion, a PE ratio of -14.51 and a beta of 1.16. The business’s 50 day moving average is $5.65 and its 200-day moving average is $2.65.

Insider Activity at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the sale, the insider now owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. The trade was a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 20,138,711 shares of company stock valued at $92,022,537 over the last three months. 7.22% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of QBTS. Penserra Capital Management LLC lifted its stake in shares of D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares during the period. Geode Capital Management LLC boosted its stake in shares of D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying an additional 645,039 shares in the last quarter. State Street Corp grew its holdings in D-Wave Quantum by 0.9% during the third 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. Marshall Wace LLP purchased a new position in D-Wave Quantum in the second quarter worth $265,000. Finally, Bank of New York Mellon Corp acquired a new stake in D-Wave Quantum in the second quarter valued at $251,000. 42.47% of the stock is 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.