D-Wave Quantum (NYSE:QBTS) Shares Down 36.1% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was down 36.1% during trading on Thursday . The stock traded as low as $4.65 and last traded at $6.10. Approximately 180,694,530 shares were traded during trading, an increase of 93% from the average daily volume of 93,449,617 shares. The stock had previously closed at $9.55.

Analysts Set New Price Targets

Several equities analysts have issued reports on QBTS shares. Needham & Company LLC restated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Roth Mkm increased their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Craig Hallum lifted their price objective 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. B. Riley raised their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Benchmark upped their price objective on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Trading Down 36.1 %

The firm’s 50-day moving average price is $4.64 and its 200 day moving average price is $2.28. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -14.52 and a beta of 1.16.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders sold 10,081,459 shares of company stock worth $45,337,894. 7.22% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

Hedge funds have recently bought and sold shares of the business. Penserra Capital Management LLC lifted 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 in the last quarter. Geode Capital Management LLC boosted its holdings in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares during the last quarter. State Street Corp grew its stake in shares of D-Wave Quantum by 0.9% in the 3rd 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 in the last quarter. Marshall Wace LLP purchased a new stake in shares of D-Wave Quantum in the second quarter valued at about $265,000. Finally, Bank of New York Mellon Corp bought a new position in shares of D-Wave Quantum during the second quarter valued at about $251,000. Institutional investors and hedge funds 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.