D-Wave Quantum (NYSE:QBTS) Shares Down 9.7% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) dropped 9.7% during trading on Wednesday . The stock traded as low as $8.25 and last traded at $8.40. Approximately 40,311,750 shares traded hands during mid-day trading, an increase of 213% from the average daily volume of 12,869,937 shares. The stock had previously closed at $9.30.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on QBTS. B. Riley lifted their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Monday, November 25th. Roth Mkm lifted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Craig Hallum increased their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Benchmark boosted their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $5.63.

D-Wave Quantum Stock Performance

The business’s fifty day simple moving average is $3.86 and its 200 day simple moving average is $2.01. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of -22.88 and a beta of 1.79.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $6.68, for a total transaction of $6,680,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have sold 10,081,459 shares of company stock worth $45,337,894. 7.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC lifted its position in shares of D-Wave Quantum by 23.0% during the third 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. Geode Capital Management LLC lifted its holdings in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares during the last quarter. State Street Corp lifted its holdings in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of D-Wave Quantum in the 2nd quarter worth approximately $265,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of D-Wave Quantum in the 2nd quarter valued at approximately $251,000. 42.47% of the stock is currently owned by institutional investors.

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.