D-Wave Quantum (NYSE:QBTS) Trading Down 9% – Should You Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) fell 9% during trading on Tuesday . The company traded as low as $5.70 and last traded at $5.83. 26,088,035 shares were traded during trading, a decline of 69% from the average session volume of 85,149,836 shares. The stock had previously closed at $6.41.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. B. Riley raised their price target on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Craig Hallum boosted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday, January 14th. Needham & Company LLC reiterated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Roth Mkm upped their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $6.71.

D-Wave Quantum Stock Down 6.9 %

The stock has a market capitalization of $1.61 billion, a PE ratio of -14.18 and a beta of 1.10. The firm’s fifty day moving average is $6.80 and its 200-day moving average is $3.42.

Insiders Place Their Bets

In related news, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,152,665 shares of company stock worth $92,096,075. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently modified their holdings of the company. Fourth Dimension Wealth LLC purchased a new position in D-Wave Quantum in the 4th quarter valued at approximately $26,000. PNC Financial Services Group Inc. purchased a new position in shares of D-Wave Quantum in the fourth quarter valued at $38,000. Heritage Wealth Advisors purchased a new stake in shares of D-Wave Quantum in the 4th quarter worth about $67,000. Kingsview Wealth Management LLC acquired a new stake in D-Wave Quantum in the 4th quarter valued at about $84,000. Finally, Summit Investment Advisors Inc. increased its holdings in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 shares in the last quarter. Hedge funds and other 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.