D-Wave Quantum (NYSE:QBTS) Stock Price Down 5.7% – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 5.7% during trading on Wednesday . The stock traded as low as $8.31 and last traded at $8.28. Approximately 33,578,236 shares changed hands during mid-day trading, an increase of 7% from the average daily volume of 31,429,253 shares. The stock had previously closed at $8.78.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Benchmark restated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Craig Hallum boosted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. B. Riley increased their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Roth Mkm boosted 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. Finally, Needham & Company LLC reiterated a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Stock Down 3.5 %

The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -18.72 and a beta of 1.12. The business has a 50-day moving average of $6.58 and a two-hundred day moving average of $4.38.

D-Wave Quantum (NYSE:QBTS) last announced 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 during the quarter, compared to the consensus estimate of $2.23 million. Equities analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In other news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly 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 document filed with the SEC, which is accessible through this link. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now owns 30,000,000 shares of the company’s stock, valued at $122,100,000. This trade represents a 19.53 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,071,206 shares of company stock worth $46,758,181. 7.22% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after buying an additional 3,624,407 shares during the last quarter. Bank of America Corp DE lifted its holdings in D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after buying an additional 2,497,263 shares during the period. UNICOM Systems Inc. bought a new position in D-Wave Quantum in the fourth quarter valued at approximately $20,258,000. Geode Capital Management LLC grew 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 acquiring an additional 645,039 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of D-Wave Quantum during the 4th quarter valued at $2,087,000. 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.