D-Wave Quantum (NYSE:QBTS) Trading Down 14.5% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded down 14.5% during mid-day trading on Wednesday . The stock traded as low as $3.75 and last traded at $4.00. 48,124,381 shares changed hands during mid-day trading, an increase of 543% from the average session volume of 7,480,643 shares. The stock had previously closed at $4.68.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. B. Riley boosted 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. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Roth Mkm upped their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum has an average rating of “Buy” and a consensus price target of $3.71.

D-Wave Quantum Stock Up 27.9 %

The company has a market cap of $1.12 billion, a P/E ratio of -10.05 and a beta of 1.79. The business has a fifty day simple moving average of $1.91 and a two-hundred day simple moving average of $1.35.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the transaction, the insider now owns 18,730,193 shares of the company’s stock, valued at $91,216,039.91. The trade was 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 the SEC website. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently modified their holdings of QBTS. Baader Bank Aktiengesellschaft purchased a new stake in D-Wave Quantum in the 2nd quarter worth $28,000. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum during the third quarter worth about $42,000. Thoroughbred Financial Services LLC bought a new stake in D-Wave Quantum during the 2nd quarter valued at approximately $45,000. Bogart Wealth LLC purchased a new position in D-Wave Quantum in the 3rd quarter worth approximately $49,000. Finally, Instrumental Wealth LLC boosted its stake in D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after purchasing an additional 25,067 shares during the period. 42.47% of the stock is currently 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.