D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares were down 4.4% on Monday . The company traded as low as $5.36 and last traded at $5.68. Approximately 27,241,564 shares traded hands during trading, a decline of 72% from the average daily volume of 97,659,156 shares. The stock had previously closed at $5.94.
Analysts Set New Price Targets
A number of analysts have commented on the stock. Roth Mkm lifted their target price on shares of 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 reiterated a "buy" rating and issued a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley boosted their target price on D-Wave Quantum from $4.50 to $9.00 and gave the company a "buy" rating in a research note on Tuesday, January 14th. Craig Hallum raised their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. Finally, Benchmark reiterated a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday, January 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $6.38.
Read Our Latest Stock Analysis on QBTS
D-Wave Quantum Price Performance
The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -14.23 and a beta of 1.10. The stock has a 50-day moving average price of $6.22 and a 200-day moving average price of $2.92.
Insiders Place Their Bets
In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the transaction, the insider now directly owns 1,000,000 shares of the company's stock, valued at $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the business's stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares of the company's stock, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,152,665 shares of company stock valued at $92,096,075 over the last ninety days. 7.22% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On D-Wave Quantum
Institutional investors and hedge funds have recently bought and sold shares of the company. Marshall Wace LLP bought a new position in D-Wave Quantum in the second quarter valued at about $265,000. Squarepoint Ops LLC acquired a new position in shares of D-Wave Quantum during the second quarter worth $163,000. SG Americas Securities LLC bought a new stake in shares of D-Wave Quantum in the third quarter worth $42,000. Bogart Wealth LLC acquired a new stake in D-Wave Quantum in the third quarter valued at $49,000. Finally, Penserra Capital Management LLC raised its position in D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock worth $4,409,000 after purchasing an additional 839,942 shares during the last quarter. Institutional investors own 42.47% of the company's stock.
D-Wave Quantum Company Profile
(
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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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