D-Wave Quantum (NYSE:QBTS) Stock Price Down 1.1% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) fell 1.1% on Friday . The stock traded as low as $8.83 and last traded at $9.50. 28,528,932 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 44,788,922 shares. The stock had previously closed at $9.61.

Analyst Ratings Changes

Several research analysts have commented on the company. Craig Hallum raised their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Benchmark upped their price objective on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley upped their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Roth Mkm lifted 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 note on Thursday, December 12th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum has an average rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Stock Down 4.4 %

The firm has a market cap of $2.47 billion, a PE ratio of -21.88 and a beta of 1.79. The business has a 50 day simple moving average of $4.03 and a two-hundred day simple moving average of $2.07.

Insider Activity

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock in a transaction that occurred on 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 directly owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. The trade was a 3.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders have sold 10,081,459 shares of company stock valued at $45,337,894 over the last ninety days. 7.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum during the 3rd quarter worth approximately $42,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum during the second quarter worth approximately $45,000. Bogart Wealth LLC acquired a new stake in D-Wave Quantum in the third quarter valued at approximately $49,000. Rhumbline Advisers purchased a new stake in D-Wave Quantum in the 2nd quarter worth $93,000. Finally, Barclays PLC increased its stake in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

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.