D-Wave Quantum (NYSE:QBTS) Shares Down 27.7% – Time to Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 27.7% on Monday . The company traded as low as $4.03 and last traded at $4.17. Approximately 47,761,019 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 85,795,711 shares. The stock had previously closed at $5.77.

Wall Street Analyst Weigh In

QBTS has been the topic of a number of recent analyst reports. Benchmark reiterated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday. Craig Hallum increased 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, December 20th. B. Riley increased their price target on D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research report on Tuesday. Needham & Company LLC reissued a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Roth Mkm increased their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Trading Up 25.8 %

The business has a 50-day moving average price of $4.97 and a 200-day moving average price of $2.41. The firm has a market cap of $1.60 billion, a P/E ratio of -14.17 and a beta of 1.16.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 18,730,193 shares of the company’s stock, valued at $91,216,039.91. This trade 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 available through this link. Insiders have sold a total of 20,138,711 shares of company stock valued at $92,022,537 over the last quarter. 7.22% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in D-Wave Quantum during the third quarter valued at about $42,000. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum in the second quarter valued at about $45,000. Bogart Wealth LLC purchased a new stake in D-Wave Quantum in the third quarter valued at about $49,000. Rhumbline Advisers purchased a new stake in D-Wave Quantum in the second quarter valued at about $93,000. Finally, Barclays PLC raised its stake in D-Wave Quantum by 298.3% in 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 last quarter. 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.