D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report)’s stock price traded down 24.2% on Thursday . The company traded as low as $6.28 and last traded at $6.79. 65,164,595 shares were traded during mid-day trading, an increase of 520% from the average session volume of 10,518,844 shares. The stock had previously closed at $8.96.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on QBTS shares. B. Riley increased their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, 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. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and an average target price of $3.71.
D-Wave Quantum Stock Down 32.4 %
The business has a 50-day moving average of $2.42 and a two-hundred day moving average of $1.52. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -14.43 and a beta of 1.79.
Insiders Place Their Bets
In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum 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 completion of the transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 7.22% of the company’s stock.
Institutional Trading of D-Wave Quantum
Large investors have recently made changes to their positions in the business. Barclays PLC lifted its stake in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after acquiring an additional 89,894 shares during the period. Geode Capital Management LLC grew its position in shares of 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 period. State Street Corp raised its stake 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 buying an additional 17,225 shares during the last quarter. Penserra Capital Management LLC lifted its holdings in 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 valued at $4,409,000 after buying an additional 839,942 shares during the period. Finally, Bogart Wealth LLC acquired a new position in D-Wave Quantum in the third quarter valued at approximately $49,000. Institutional investors own 42.47% of the company’s stock.
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.