D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report) was down 9.7% on Wednesday . The stock traded as low as $8.25 and last traded at $8.40. Approximately 40,311,750 shares were traded during trading, an increase of 213% from the average daily volume of 12,869,937 shares. The stock had previously closed at $9.30.
Analyst Ratings Changes
QBTS has been the subject of a number of recent research reports. Craig Hallum upped their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Benchmark raised their price objective on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley upped 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. Finally, Roth Mkm lifted their price target 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, the stock currently has an average rating of “Buy” and a consensus price target of $5.63.
D-Wave Quantum Trading Down 9.7 %
The stock’s 50-day moving average price is $3.72 and its 200-day moving average price is $1.97. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of -20.00 and a beta of 1.79.
Insider Activity at D-Wave Quantum
In related 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 stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 10,081,459 shares of company stock worth $45,337,894 over the last quarter. Company insiders own 7.22% of the company’s stock.
Hedge Funds Weigh In On D-Wave Quantum
A number of institutional investors and hedge funds have recently modified their holdings of QBTS. Barclays PLC increased its stake in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares in the last quarter. Geode Capital Management LLC increased 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 buying an additional 645,039 shares in the last quarter. State Street Corp raised its stake 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 period. Penserra Capital Management LLC raised its stake 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 buying an additional 839,942 shares during the period. Finally, Bogart Wealth LLC acquired a new stake in D-Wave Quantum in the third quarter valued at approximately $49,000. 42.47% of the stock is currently 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.