D-Wave Quantum (NYSE:QBTS) Trading Down 1.9% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded down 1.9% during mid-day trading on Monday . The company traded as low as $6.33 and last traded at $6.38. 52,042,809 shares were traded during trading, a decline of 43% from the average session volume of 91,239,728 shares. The stock had previously closed at $6.50.

Wall Street Analysts Forecast Growth

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

D-Wave Quantum Stock Down 1.9 %

The company’s fifty day simple moving average is $6.59 and its 200 day simple moving average is $3.18. The firm has a market capitalization of $1.72 billion, a PE ratio of -15.18 and a beta of 1.10.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the transaction, the insider now directly owns 30,000,000 shares in the company, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock worth $92,096,075 over the last three months. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in QBTS. PNC Financial Services Group Inc. purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $38,000. SG Americas Securities LLC bought a new stake in shares of D-Wave Quantum during the third quarter valued at approximately $42,000. Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum during the third quarter valued at approximately $49,000. Heritage Wealth Advisors bought a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $67,000. Finally, Kingsview Wealth Management LLC bought a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $84,000. 42.47% of the stock is currently owned by hedge funds and other 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.