D-Wave Quantum (NYSE:QBTS) Shares Down 3.5% - Here's What Happened

Key Points

• D-Wave shares fell 3.5% to $20.47 on Tuesday, trading as low as $20.42 on volume of 18.5 million shares—about 50% below the average session volume.
• Wall Street consensus is a “Moderate Buy” (13 Buys, 1 Hold, 1 Sell) with an average price target of $38.21, roughly 87% above the current price.
• Insiders have sold heavily—1,540,628 shares worth ~$42.3 million in the last 90 days (insiders own 3.20%)—while institutional investors hold 42.47% of the stock, led by large increases from Vanguard and UBS.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded down 3.5% during trading on Tuesday . The stock traded as low as $20.42 and last traded at $20.47. 18,516,149 shares changed hands during trading, a decline of 50% from the average session volume of 36,748,965 shares. The stock had previously closed at $21.21.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on QBTS. Needham & Company LLC reiterated a "buy" rating and set a $48.00 target price on shares of D-Wave Quantum in a research note on Thursday, January 29th. Jefferies Financial Group started coverage on D-Wave Quantum in a report on Tuesday, December 16th. They set a "buy" rating and a $45.00 price target for the company. Williams Trading set a $35.00 price objective on D-Wave Quantum in a report on Monday, November 10th. Evercore assumed coverage on D-Wave Quantum in a research report on Wednesday, December 3rd. They set an "outperform" rating and a $44.00 target price on the stock. Finally, Wall Street Zen lowered shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a research note on Saturday. Thirteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $38.21.

D-Wave Quantum Stock Down 3.5%

The business's fifty day moving average price is $26.18 and its 200 day moving average price is $24.84. The firm has a market capitalization of $7.57 billion, a price-to-earnings ratio of -15.16 and a beta of 1.56. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05.

Insiders Place Their Bets

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 7,000 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $22.62, for a total value of $158,340.00. Following the transaction, the director directly owned 112,673 shares in the company, valued at approximately $2,548,663.26. This trade represents a 5.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the company's stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $24.28, for a total value of $242,800.00. Following the sale, the director owned 37,778 shares of the company's stock, valued at $917,249.84. This trade represents a 20.93% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,540,628 shares of company stock valued at $42,313,780. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of D-Wave Quantum by 41.2% during the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company's stock worth $950,220,000 after purchasing an additional 11,218,255 shares in the last quarter. UBS Group AG increased its holdings in shares of D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company's stock valued at $298,737,000 after purchasing an additional 10,205,427 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of D-Wave Quantum by 11.5% in the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company's stock valued at $220,085,000 after purchasing an additional 866,405 shares during the period. State Street Corp boosted its holdings in D-Wave Quantum by 41.3% during the second quarter. State Street Corp now owns 6,648,395 shares of the company's stock worth $97,333,000 after buying an additional 1,941,762 shares in the last quarter. Finally, Marex Group plc acquired a new position in D-Wave Quantum during the second quarter worth about $80,070,000. Institutional investors and hedge funds own 42.47% of the company's stock.

D-Wave Quantum Company Profile

D-Wave Quantum Inc NYSE: QBTS develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company's product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.

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