D-Wave Quantum (NYSE:QBTS) Shares Down 0.9% - Here's What Happened

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

Analyst Ratings Changes

Several equities analysts have weighed in on QBTS shares. Craig Hallum increased their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. B. Riley upped their target price on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a "buy" rating in a research note on Tuesday, January 14th. Needham & Company LLC reissued a "buy" rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Benchmark restated a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $6.38.

D-Wave Quantum Trading Up 1.1 %

The firm's 50 day simple moving average is $5.65 and its 200-day simple moving average is $2.65. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -14.51 and a beta of 1.16.

Insider Activity at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the transaction, the insider now owns 18,730,193 shares of the company's stock, valued at $91,216,039.91. This trade represents a 3.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders sold 20,138,711 shares of company stock valued at $92,022,537. Insiders own 7.22% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

Several large investors have recently modified their holdings of QBTS. Spire Wealth Management bought a new position in D-Wave Quantum during the 4th quarter worth $90,000. Sonora Investment Management Group LLC acquired a new position in D-Wave Quantum in the fourth quarter valued at about $135,000. State Street Corp increased its holdings in D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock valued at $1,986,000 after buying an additional 17,225 shares during the period. Strategic Advocates LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $148,000. Finally, Arkadios Wealth Advisors acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $162,000. 42.47% of the stock is owned by 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.