D-Wave Quantum (NYSE:QBTS) Trading Down 6.4% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price fell 6.4% during trading on Wednesday . The stock traded as low as $6.42 and last traded at $6.48. 8,595,389 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 75,867,859 shares. The stock had previously closed at $6.92.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on QBTS. 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 reiterated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Craig Hallum boosted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Roth Mkm increased their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Trading Down 0.9 %

The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of -15.20 and a beta of 0.88. The business’s 50 day moving average price is $6.96 and its two-hundred day moving average price is $5.06.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates 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. Analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the company’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 $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of 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 disclosure for this sale can be found here. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently made changes to their positions in QBTS. State Street Corp increased its position in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after purchasing an additional 17,225 shares during the period. Barclays PLC raised its stake in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after buying an additional 89,894 shares during the last quarter. Geode Capital Management LLC lifted its holdings in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying an additional 645,039 shares during the period. Silverleafe Capital Partners LLC bought a new stake in D-Wave Quantum during the fourth quarter valued at $820,000. Finally, Sovereign Financial Group Inc. acquired a new stake in D-Wave Quantum during the 4th quarter worth about $179,000. 42.47% of the stock is currently owned by institutional investors.

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.