D-Wave Quantum (NYSE:QBTS) Stock Price Down 4.6% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) traded down 4.6% during mid-day trading on Tuesday . The stock traded as low as $8.59 and last traded at $8.87. 15,675,662 shares traded hands during mid-day trading, an increase of 23% from the average session volume of 12,764,130 shares. The stock had previously closed at $9.30.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on QBTS shares. Roth Mkm upped their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum boosted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. B. Riley raised their target price on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Benchmark upped their price target on D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Stock Down 9.7 %

The firm has a market cap of $1.88 billion, a PE ratio of -20.00 and a beta of 1.79. The company has a 50-day simple moving average of $3.86 and a two-hundred day simple moving average of $2.01.

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction 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 transaction, the insider now directly owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have sold 10,081,459 shares of company stock valued at $45,337,894. 7.22% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in QBTS. SG Americas Securities LLC bought a new position in D-Wave Quantum in the 3rd quarter worth approximately $42,000. Thoroughbred Financial Services LLC bought a new stake in D-Wave Quantum in the 2nd quarter worth approximately $45,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum in the 3rd quarter valued at $49,000. Rhumbline Advisers bought a new stake in D-Wave Quantum in the second quarter worth $93,000. Finally, Barclays PLC boosted its position in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after buying an additional 89,894 shares during the period. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.