D-Wave Quantum (NYSE:QBTS) Shares Down 4.4% – Should You Sell?

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

Analysts Set New Price Targets

A number of equities research analysts recently commented on QBTS shares. Benchmark reaffirmed a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Roth Mkm increased their price objective 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. 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. B. Riley increased 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. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum has a consensus rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Price Performance

The business’s fifty day simple moving average is $6.15 and its two-hundred day simple moving average is $2.89. The company has a market cap of $1.68 billion, a PE ratio of -14.89 and a beta of 1.10.

Insider Activity at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the completion of the sale, the insider now owns 18,730,193 shares of the company’s stock, valued at $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 available at this link. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,152,665 shares of company stock worth $92,096,075 in the last 90 days. Corporate insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. UNICOM Systems Inc. acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $20,258,000. Penserra Capital Management LLC grew its holdings 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 valued at $4,409,000 after purchasing an additional 839,942 shares during the period. Geode Capital Management LLC increased its position in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after purchasing an additional 645,039 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of D-Wave Quantum during the 2nd quarter valued at approximately $265,000. Finally, Squarepoint Ops LLC acquired a new position in D-Wave Quantum in the second quarter valued at approximately $163,000. 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.