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

D-Wave Quantum Inc. (NYSE:QBTS) shares 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 mid-day trading, a decline of 69% from the average session volume of 85,149,836 shares. The stock had previously closed at $6.41.

Analyst Ratings Changes

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

D-Wave Quantum Price Performance

The company has a fifty day moving average price of $6.80 and a two-hundred day moving average price of $3.42. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of -14.18 and a beta of 1.10.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. The trade was a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction 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 in the company, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. 7.22% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in the company. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum during the fourth quarter valued at approximately $26,000. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum in the 4th quarter valued at approximately $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum in the 4th quarter valued at approximately $67,000. Kingsview Wealth Management LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $84,000. Finally, Summit Investment Advisors Inc. boosted its position in shares of D-Wave Quantum by 20.6% in the fourth 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 during the period. Institutional investors 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.