D-Wave Quantum (NYSE:QBTS) Shares Down 0.6% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares fell 0.6% during trading on Thursday . The company traded as low as $6.35 and last traded at $6.40. 5,135,222 shares were traded during trading, a decline of 85% from the average session volume of 33,443,703 shares. The stock had previously closed at $6.44.

Wall Street Analyst Weigh In

QBTS has been the subject of several recent analyst reports. B. Riley boosted their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Roth Mkm lifted their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Benchmark reaffirmed a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note 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 research note on Wednesday, April 2nd. Finally, Craig Hallum lifted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research report on Friday, December 20th. 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 a consensus target price of $8.42.

D-Wave Quantum Stock Down 0.9 %

The stock has a market cap of $1.86 billion, a PE ratio of -15.20 and a beta of 0.88. The stock's fifty day moving average price is $6.98 and its 200 day moving average price is $5.10.

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 the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to analyst estimates of $2.23 million. On average, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction on Thursday, January 23rd. The stock was 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 in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO John M. Markovich sold 5,582 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 value 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 $5,610,210.12. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

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.