D-Wave Quantum (NYSE:QBTS) Trading Down 49.5% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) was down 49.5% during trading on Wednesday . The stock traded as low as $4.80 and last traded at $4.82. Approximately 79,213,921 shares traded hands during mid-day trading, an increase of 10% from the average daily volume of 71,781,461 shares. The stock had previously closed at $9.55.

Analysts Set New Price Targets

QBTS has been the subject of several recent research reports. Needham & Company LLC restated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark upped their target price on D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Craig Hallum raised 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. 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 report on Thursday, December 12th. Finally, B. Riley boosted their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Trading Down 35.1 %

The business’s 50-day simple moving average is $4.54 and its 200 day simple moving average is $2.26. The company has a market capitalization of $1.67 billion, a P/E ratio of -14.76 and a beta of 1.16.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’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 completion of the sale, the insider now owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 10,081,459 shares of company stock valued at $45,337,894 in the last three months. 7.22% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Thoroughbred Financial Services LLC bought a new position in D-Wave Quantum in the 2nd quarter valued at $45,000. SG Americas Securities LLC bought a new stake in D-Wave Quantum during the 3rd quarter worth about $42,000. Bogart Wealth LLC acquired a new stake in D-Wave Quantum in the 3rd quarter valued at about $49,000. Rhumbline Advisers bought a new position in shares of D-Wave Quantum in the second quarter worth about $93,000. Finally, Silverleafe Capital Partners LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $820,000. 42.47% of the stock is owned by institutional investors.

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.