D-Wave Quantum (NYSE:QBTS) Stock Price Down 6% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares were down 6% on Thursday . The stock traded as low as $9.54 and last traded at $9.96. Approximately 61,925,312 shares changed hands during mid-day trading, an increase of 107% from the average daily volume of 29,911,155 shares. The stock had previously closed at $10.60.

Analysts Set New Price Targets

Several research firms recently issued reports on QBTS. Craig Hallum lifted their price target 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. Needham & Company LLC reissued a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Roth Mkm lifted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, March 14th. B. Riley lifted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Finally, Benchmark reissued a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Stock Down 13.3 %

The firm has a market capitalization of $2.47 billion, a P/E ratio of -21.98 and a beta of 1.12. The business’s 50-day simple moving average is $6.20 and its 200 day simple moving average is $4.09.

Insider Buying and Selling

In other news, CEO Alan E. Baratz sold 8,372 shares of the company’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 $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the transaction, the insider now directly owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,071,206 shares of company stock worth $53,438,181 in the last 90 days. 7.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently bought and sold shares of QBTS. 111 Capital purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $123,000. Ameriflex Group Inc. purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $205,000. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $26,000. Voloridge Investment Management LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $2,063,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $1,989,000. 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.