D-Wave Quantum (NYSE:QBTS) Stock Price Down 0.2% – Here’s Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded down 0.2% during trading on Friday . The stock traded as low as $8.21 and last traded at $8.67. 37,023,565 shares were traded during mid-day trading, an increase of 21% from the average session volume of 30,506,242 shares. The stock had previously closed at $8.69.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Benchmark restated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Needham & Company LLC restated a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Roth Mkm lifted their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Craig Hallum lifted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, B. Riley boosted their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Trading Down 5.6 %

The company’s 50-day simple moving average is $6.25 and its 200-day simple moving average is $4.12. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of -19.52 and a beta of 1.12.

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

Insider Activity

In related news, 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 transaction of $29,624,260.16. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the 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 transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,071,206 shares of company stock valued at $46,758,181. 7.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently bought and sold shares of the stock. 111 Capital acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $123,000. Ameriflex Group Inc. bought a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $205,000. Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $26,000. Voloridge Investment Management LLC bought a new position in shares of D-Wave Quantum in the 4th quarter worth $2,063,000. Finally, Squarepoint Ops LLC acquired a new stake in D-Wave Quantum in the 4th quarter valued at $1,989,000. 42.47% of the stock is owned by institutional investors.

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.