D-Wave Quantum (NYSE:QBTS) Trading Down 1.1% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price dropped 1.1% during trading on Wednesday . The stock traded as low as $7.24 and last traded at $7.34. Approximately 13,706,159 shares changed hands during trading, a decline of 57% from the average daily volume of 32,131,029 shares. The stock had previously closed at $7.42.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on QBTS shares. Needham & Company LLC restated a "buy" rating and set a $8.50 price objective on shares of D-Wave Quantum in a research note on Wednesday. B. Riley increased their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Roth Mkm boosted their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Benchmark reiterated a "buy" rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, Craig Hallum lifted their price objective on shares of 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 research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $8.42.

D-Wave Quantum Price Performance

The company has a market cap of $2.01 billion, a price-to-earnings ratio of -16.45 and a beta of 1.12. The firm has a 50-day moving average price of $6.71 and a 200 day moving average price of $4.59.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to analysts' expectations of $2.23 million. On average, equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other 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 transaction of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares of the company's stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the firm's stock in a transaction on Thursday, January 23rd. The stock was 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 position. The disclosure for this sale can be found here. Insiders sold 10,071,206 shares of company stock worth $46,758,181 in the last quarter. 7.22% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of large investors have recently bought and sold shares of QBTS. Barclays PLC lifted its holdings in shares of D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock worth $117,000 after acquiring an additional 89,894 shares during the period. Bank of New York Mellon Corp raised its position in D-Wave Quantum by 40.9% during the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock valued at $1,845,000 after purchasing an additional 63,799 shares in the last quarter. Silverleafe Capital Partners LLC bought a new stake in D-Wave Quantum during the fourth quarter worth $820,000. Commonwealth Equity Services LLC boosted its holdings in shares of D-Wave Quantum by 1,097.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company's stock valued at $1,916,000 after purchasing an additional 209,000 shares in the last quarter. Finally, Truist Financial Corp bought a new position in shares of D-Wave Quantum in the 4th quarter valued at $108,000. 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.