D-Wave Quantum (NYSE:QBTS) Stock Price Down 0.9% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price was down 0.9% during trading on Tuesday . The company traded as low as $6.94 and last traded at $6.96. Approximately 5,231,859 shares were traded during trading, a decline of 84% from the average daily volume of 33,302,046 shares. The stock had previously closed at $7.02.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on QBTS. Benchmark reaffirmed a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Needham & Company LLC reissued a "buy" rating and issued a $8.50 price target on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Roth Mkm lifted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. B. Riley increased their target price 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. Finally, Craig Hallum upped 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. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum currently has an average rating of "Buy" and a consensus target price of $8.42.

D-Wave Quantum Price Performance

The business has a 50 day simple moving average of $6.98 and a 200-day simple moving average of $5.10. The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of -15.20 and a beta of 0.88.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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. As a group, equities analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 8,372 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 2,342,208 shares of the company's stock, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 5,582 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 transaction of $29,417.14. Following the completion of the transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 7.22% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Summit Investment Advisors Inc. raised its stake in D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after buying an additional 1,766 shares during the last quarter. Invesco Ltd. boosted its holdings in D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock worth $358,000 after buying an additional 2,051 shares during the period. Corebridge Financial Inc. increased its holdings in D-Wave Quantum by 5.0% during the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock worth $413,000 after acquiring an additional 2,342 shares during the period. Veracity Capital LLC grew its position in D-Wave Quantum by 9.3% in the first quarter. Veracity Capital LLC now owns 29,725 shares of the company's stock worth $226,000 after acquiring an additional 2,532 shares in the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum in the fourth quarter worth about $26,000. Institutional investors own 42.47% of the company's stock.

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.