D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.5% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was down 2.5% during mid-day trading on Tuesday . The company traded as low as $9.48 and last traded at $10.91. Approximately 67,243,166 shares traded hands during mid-day trading, an increase of 132% from the average daily volume of 29,013,954 shares. The stock had previously closed at $11.18.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on QBTS shares. Craig Hallum lifted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. B. Riley boosted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Roth Mkm boosted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Needham & Company LLC reissued a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Finally, Benchmark restated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum presently has an average rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Trading Down 2.0 %

The business has a 50-day moving average price of $6.20 and a two-hundred day moving average price of $4.09. The stock has a market capitalization of $2.85 billion, a P/E ratio of -25.20 and a beta of 1.12.

Insider Activity

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the transaction, the insider now owns 30,000,000 shares of the company’s stock, valued at $122,100,000. This represents a 19.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 11,071,206 shares of company stock worth $53,438,181. 7.22% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after buying an additional 3,624,407 shares during the period. Penserra Capital Management LLC increased its stake in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after buying an additional 839,942 shares during the period. Geode Capital Management LLC increased its stake in shares of D-Wave Quantum by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock valued at $24,992,000 after buying an additional 418,468 shares during the period. Bank of America Corp DE increased its stake in shares of D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after buying an additional 2,497,263 shares during the period. Finally, UNICOM Systems Inc. acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $20,258,000. Institutional investors and hedge funds 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.