D-Wave Quantum (NYSE:QBTS) Trading Down 7.9% - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares were down 7.9% on Wednesday . The company traded as low as $9.90 and last traded at $9.95. Approximately 39,187,097 shares traded hands during mid-day trading, an increase of 33% from the average daily volume of 29,480,284 shares. The stock had previously closed at $10.80.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on QBTS shares. Benchmark reissued a "buy" rating and issued a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Roth Mkm upped their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Needham & Company LLC reaffirmed a "buy" rating and issued a $8.50 target price on shares of D-Wave Quantum in a report on Friday, March 14th. B. Riley upped their target price 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. Finally, Craig Hallum upped their target price 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. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $8.42.

D-Wave Quantum Price Performance

The firm's 50-day simple moving average is $6.31 and its two-hundred day simple moving average is $4.20. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of -19.94 and a beta of 1.12.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its earnings results 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 business had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. On average, analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In other news, CFO John M. Markovich sold 5,582 shares of the 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 sale, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the sale, the insider now owns 30,000,000 shares in the company, valued at $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,071,206 shares of company stock worth $46,758,181 over the last ninety days. 7.22% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

Several large investors have recently modified their holdings of QBTS. Fourth Dimension Wealth LLC purchased a new stake in D-Wave Quantum in the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. purchased a new stake in D-Wave Quantum in the 4th quarter worth approximately $38,000. Heritage Wealth Advisors purchased a new stake in D-Wave Quantum in the 4th quarter worth approximately $67,000. Kingsview Wealth Management LLC purchased a new stake in D-Wave Quantum in the 4th quarter worth approximately $84,000. Finally, Summit Investment Advisors Inc. grew its stake 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 worth $87,000 after acquiring an additional 1,766 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.