D-Wave Quantum (NYSE:QBTS) Trading Down 4.4% – Time to Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were down 4.4% during trading on Monday . The company traded as low as $5.36 and last traded at $5.68. Approximately 27,241,564 shares were traded during trading, a decline of 72% from the average daily volume of 97,659,156 shares. The stock had previously closed at $5.94.

Analyst Upgrades and Downgrades

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

D-Wave Quantum Price Performance

The firm’s 50-day moving average price is $6.03 and its 200-day moving average price is $2.83. The stock has a market cap of $1.57 billion, a P/E ratio of -13.73 and a beta of 1.10.

Insider Buying and Selling

In related news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,152,665 shares of company stock worth $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC raised its holdings in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the period. Geode Capital Management LLC grew its position in D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares during the last quarter. UNICOM Systems Inc. purchased a new stake in D-Wave Quantum in the fourth quarter worth $20,258,000. State Street Corp lifted its position in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of D-Wave Quantum during the second quarter valued at $265,000. Institutional investors own 42.47% of the company’s stock.

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.