D-Wave Quantum (NYSE:QBTS) Trading Down 0.5% - Here's Why

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price traded down 0.5% during trading on Friday . The company traded as low as $7.17 and last traded at $7.17. 13,307,973 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 33,138,378 shares. The stock had previously closed at $7.20.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on QBTS. Craig Hallum increased their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. Roth Mkm raised their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. 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 report on Friday, March 14th. Needham & Company LLC reiterated a "buy" rating and issued a $8.50 price target on shares of D-Wave Quantum in a report on Wednesday, April 2nd. Finally, Benchmark reissued a "buy" rating and set a $8.00 price objective 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 MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $8.42.

D-Wave Quantum Stock Performance

The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of -16.45 and a beta of 0.88. The company's fifty day simple moving average is $6.91 and its two-hundred day simple moving average is $5.00.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) 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 company had revenue of $2.31 million during the quarter, compared to analysts' expectations of $2.23 million. Sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling

In other news, CFO John M. Markovich sold 5,582 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 value of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares of the company's stock, valued at approximately $5,610,210.12. The trade was a 0.52 % decrease in their position. The transaction 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 the company's stock in a transaction 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 sale, the chief executive officer now owns 2,342,208 shares of the company's stock, valued at approximately $12,343,436.16. This trade 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.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after purchasing an additional 3,624,407 shares during the last quarter. Bank of America Corp DE boosted its holdings in D-Wave Quantum by 4,912.4% during the fourth 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 in the last quarter. UNICOM Systems Inc. acquired a new position in D-Wave Quantum in the fourth quarter worth approximately $20,258,000. Geode Capital Management LLC increased its holdings in shares of 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 in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of D-Wave Quantum during the 4th quarter valued at $2,087,000. 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.