D-Wave Quantum (NYSE:QBTS) Trading Down 0.5% – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 0.5% during trading on Thursday . The company traded as low as $7.93 and last traded at $8.23. Approximately 17,506,633 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 85,533,406 shares. The stock had previously closed at $8.27.

Analyst Ratings Changes

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

D-Wave Quantum Trading Down 6.0 %

The stock has a market cap of $2.21 billion, a P/E ratio of -18.04 and a beta of 1.12. The business has a 50-day simple moving average of $6.62 and a 200 day simple moving average of $4.43.

D-Wave Quantum (NYSE:QBTS) last released its quarterly 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 business had revenue of $2.31 million for the quarter, compared to analysts’ expectations of $2.23 million. As a group, equities analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $6.14, for a total value of $17,060,382.96. Following the completion of the sale, the insider now directly owns 37,278,688 shares in the company, valued at approximately $228,891,144.32. The trade was a 6.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,071,206 shares of company stock worth $46,758,181 over the last quarter. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after purchasing an additional 3,624,407 shares during the period. Geode Capital Management LLC increased its position in D-Wave Quantum by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock valued at $24,992,000 after buying an additional 418,468 shares in the last quarter. Bank of America Corp DE raised its stake in D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $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 worth approximately $20,258,000. Finally, State Street Corp grew its stake in D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares during the period. 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.