D-Wave Quantum (NYSE:QBTS) Trading Down 0.7% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price fell 0.7% during trading on Monday . The company traded as low as $7.11 and last traded at $7.53. 16,809,341 shares changed hands during trading, a decline of 47% from the average session volume of 31,959,691 shares. The stock had previously closed at $7.58.

Wall Street Analysts Forecast Growth

QBTS has been the topic of several research analyst reports. Craig Hallum boosted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Roth Mkm increased their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. B. Riley raised their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Benchmark reiterated a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, Needham & Company LLC restated a "buy" rating and set a $8.50 price target on shares of D-Wave Quantum in a research note on Wednesday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum currently has a consensus rating of "Buy" and a consensus target price of $8.42.

D-Wave Quantum Stock Performance

The firm has a market capitalization of $2.09 billion, a P/E ratio of -17.06 and a beta of 1.12. The stock has a 50 day moving average of $6.71 and a 200-day moving average of $4.59.

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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 for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to analysts' expectations of $2.23 million. As a group, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $6.14, for a total value of $17,060,382.96. Following the sale, the insider now directly owns 37,278,688 shares of the company's stock, valued at approximately $228,891,144.32. This represents a 6.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the firm's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, the chief executive officer now owns 2,342,208 shares of the company's stock, valued at $12,343,436.16. This trade represents a 0.36 % 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 valued at $46,758,181 in the last 90 days. 7.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Summit Investment Advisors Inc. boosted 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 valued at $87,000 after buying an additional 1,766 shares during the period. Invesco Ltd. raised its holdings in shares of D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock valued at $358,000 after acquiring an additional 2,051 shares in the last quarter. Corebridge Financial Inc. boosted its position in shares of D-Wave Quantum by 5.0% during the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock valued at $413,000 after acquiring an additional 2,342 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter worth about $26,000. Finally, Steward Partners Investment Advisory LLC increased its position in shares of D-Wave Quantum by 38.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company's stock worth $110,000 after purchasing an additional 3,660 shares during the last quarter. Institutional investors 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.