D-Wave Quantum (NYSE:QBTS) Trading Down 8.2% - Here's Why

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price traded down 8.2% during trading on Monday . The company traded as low as $4.66 and last traded at $4.76. 13,165,682 shares changed hands during trading, a decline of 83% from the average session volume of 76,783,773 shares. The stock had previously closed at $5.18.

Analysts Set New Price Targets

QBTS has been the topic of a number of recent research reports. Benchmark restated a "buy" rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Needham & Company LLC reaffirmed a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Roth Mkm increased their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a report on Thursday, December 12th. Craig Hallum lifted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Finally, B. Riley increased their price objective on D-Wave Quantum from $9.00 to $11.00 and gave the company a "buy" rating in a report on Friday, February 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $6.71.

D-Wave Quantum Price Performance

The firm's 50 day simple moving average is $6.10 and its 200-day simple moving average is $3.78. The company has a market cap of $1.74 billion, a price-to-earnings ratio of -15.31 and a beta of 1.12.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly 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). On average, analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the business's stock in a transaction dated Thursday, January 23rd. The shares were 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 in the company, valued at $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $6.14, for a total value of $17,060,382.96. Following the transaction, the insider now directly owns 37,278,688 shares of the company's stock, valued at approximately $228,891,144.32. This trade represents a 6.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,071,206 shares of company stock worth $53,438,181 in the last 90 days. 7.22% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC purchased a new position in D-Wave Quantum in the fourth quarter valued at about $26,000. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum in the 4th quarter valued at about $38,000. Heritage Wealth Advisors purchased a new position in D-Wave Quantum during the 4th quarter valued at about $67,000. Kingsview Wealth Management LLC acquired a new position in D-Wave Quantum during the fourth quarter worth about $84,000. Finally, Summit Investment Advisors Inc. lifted its holdings in shares of D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock valued at $87,000 after purchasing an additional 1,766 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company's stock.

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.