D-Wave Quantum (NYSE:QBTS) Trading Down 24.2% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was down 24.2% during mid-day trading on Thursday . The stock traded as low as $6.28 and last traded at $6.79. Approximately 65,164,595 shares traded hands during mid-day trading, an increase of 520% from the average daily volume of 10,518,844 shares. The stock had previously closed at $8.96.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on QBTS shares. B. Riley upped their price objective 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. Benchmark lifted their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday. Roth Mkm increased their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Craig Hallum lifted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Trading Up 1.1 %

The company has a market capitalization of $1.44 billion, a P/E ratio of -15.33 and a beta of 1.79. The firm has a fifty day moving average of $2.64 and a 200 day moving average of $1.59.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the sale, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp purchased a new position in shares of D-Wave Quantum during the 2nd quarter valued at about $251,000. Instrumental Wealth LLC lifted its holdings in D-Wave Quantum by 85.9% during the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after purchasing an additional 25,067 shares in the last quarter. Rhumbline Advisers purchased a new stake in shares of D-Wave Quantum in the second quarter worth $93,000. Thoroughbred Financial Services LLC bought a new stake in shares of D-Wave Quantum during the 2nd quarter valued at $45,000. Finally, XTX Topco Ltd purchased a new position in shares of D-Wave Quantum during the 2nd quarter valued at $163,000. 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.