D-Wave Quantum (NYSE:QBTS) Stock Price Down 0.9% - Here's Why

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) fell 0.9% on Thursday . The stock traded as low as $6.04 and last traded at $6.19. 43,673,145 shares were traded during trading, a decline of 60% from the average session volume of 110,551,805 shares. The stock had previously closed at $6.25.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Roth Mkm lifted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Needham & Company LLC reissued a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Benchmark reissued a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. B. Riley boosted their price objective on D-Wave Quantum from $4.50 to $9.00 and gave the stock a "buy" rating in a research note on Tuesday, January 14th. Finally, Craig Hallum boosted their price objective 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. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum presently has an average rating of "Buy" and a consensus price target of $6.38.

D-Wave Quantum Trading Down 5.2 %

The stock's fifty day moving average price is $5.48 and its 200-day moving average price is $2.59. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of -14.24 and a beta of 1.16.

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm's stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the transaction, the insider now owns 1,000,000 shares of the company's stock, valued at $4,210,000. This trade represents a 89.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders sold 20,138,711 shares of company stock valued at $92,022,537. 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. SG Americas Securities LLC acquired a new stake in D-Wave Quantum during the 3rd quarter worth $42,000. Bogart Wealth LLC acquired a new position in D-Wave Quantum in the third quarter valued at $49,000. Rhumbline Advisers acquired a new position in D-Wave Quantum in the second quarter valued at $93,000. Barclays PLC increased its stake in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after purchasing an additional 89,894 shares during the period. Finally, Arkadios Wealth Advisors acquired a new position in D-Wave Quantum in the fourth quarter valued at $162,000. 42.47% of the stock is 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.

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