D-Wave Quantum (NYSE:QBTS) Trading Down 1.9% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was down 1.9% during trading on Monday . The stock traded as low as $6.33 and last traded at $6.38. Approximately 52,042,809 shares were traded during trading, a decline of 43% from the average daily volume of 91,239,728 shares. The stock had previously closed at $6.50.

Analyst Ratings Changes

Several equities research analysts recently commented on QBTS shares. Roth Mkm upped their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Benchmark restated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Craig Hallum upped their target price 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 reiterated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, B. Riley increased their price target on D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Stock Up 8.2 %

The stock has a market capitalization of $1.76 billion, a PE ratio of -15.56 and a beta of 1.10. The firm has a 50 day moving average price of $6.65 and a 200 day moving average price of $3.25.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John M. Markovich sold 5,582 shares of the stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the sale, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. The trade was 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 valued at $92,096,075 over the last ninety days. 7.22% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently modified their holdings of QBTS. Vanguard Group Inc. increased its position in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after acquiring an additional 3,624,407 shares during the last quarter. Bank of America Corp DE increased its position in shares of D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after acquiring an additional 2,497,263 shares during the last quarter. UNICOM Systems Inc. purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $20,258,000. Penserra Capital Management LLC increased its position in 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 buying an additional 839,942 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in 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 worth $2,513,000 after buying an additional 645,039 shares during the last quarter. 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.