D-Wave Quantum (NYSE:QBTS) Shares Down 0.7% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price fell 0.7% during mid-day trading on Monday . The company traded as low as $7.11 and last traded at $7.53. 16,809,341 shares were traded during mid-day trading, a decline of 47% from the average session volume of 31,959,691 shares. The stock had previously closed at $7.58.

Wall Street Analyst Weigh In

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

D-Wave Quantum Stock Down 1.9 %

The stock has a fifty day moving average price of $6.62 and a 200-day moving average price of $4.48. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of -17.69 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, March 13th. The company reported ($0.37) 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 the consensus estimate of $2.23 million. As a group, research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction on 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 completion of the sale, the insider now owns 30,000,000 shares in the company, valued at approximately $122,100,000. The trade was a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction dated 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 transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $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 in the last three months. 7.22% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently added to or reduced their stakes in QBTS. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum in the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. bought a new position in shares of D-Wave Quantum in the fourth quarter worth $38,000. Heritage Wealth Advisors acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at $67,000. Kingsview Wealth Management LLC acquired a new stake in D-Wave Quantum in the fourth quarter worth about $84,000. Finally, Summit Investment Advisors Inc. grew its position in D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after buying an additional 1,766 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

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.