D-Wave Quantum (NYSE:QBTS) Trading Down 3.1% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded down 3.1% on Thursday . The stock traded as low as $6.75 and last traded at $7.11. 13,924,678 shares were traded during trading, a decline of 57% from the average session volume of 32,277,048 shares. The stock had previously closed at $7.34.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on QBTS shares. Needham & Company LLC reiterated a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a research note on Wednesday. Craig Hallum upped their target price 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. B. Riley increased their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Finally, Roth Mkm lifted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Price Performance

The company has a market cap of $2.09 billion, a PE ratio of -17.06 and a beta of 1.12. The business has a 50-day moving average of $6.71 and a 200 day moving average of $4.59.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to analysts’ expectations of $2.23 million. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum 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 value of $44,120.44. Following the completion of 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the sale, the insider now directly owns 30,000,000 shares in the company, valued at approximately $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,071,206 shares of company stock valued at $46,758,181. Company insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barclays PLC boosted its stake in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the period. Bank of New York Mellon Corp boosted its position in shares of D-Wave Quantum by 40.9% during the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company’s stock worth $1,845,000 after acquiring an additional 63,799 shares during the last quarter. Silverleafe Capital Partners LLC purchased a new position in D-Wave Quantum during the fourth quarter valued at $820,000. Commonwealth Equity Services LLC increased its holdings in D-Wave Quantum by 1,097.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company’s stock valued at $1,916,000 after acquiring an additional 209,000 shares during the last quarter. Finally, Truist Financial Corp purchased a new stake in D-Wave Quantum in the 4th quarter worth $108,000. 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.