D-Wave Quantum (NYSE:QBTS) Stock Price Down 9.3% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price dropped 9.3% during trading on Friday . The stock traded as low as $6.14 and last traded at $6.49. Approximately 16,026,242 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 32,403,192 shares. The stock had previously closed at $7.16.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on QBTS shares. Roth Mkm upped their price target on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Needham & Company LLC reaffirmed a "buy" rating and set a $8.50 target price on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. B. Riley boosted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Benchmark restated a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, Craig Hallum upped their target price 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 equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $8.42.

D-Wave Quantum Trading Down 7.2 %

The firm's 50-day simple moving average is $6.76 and its 200 day simple moving average is $4.74. The stock has a market cap of $1.78 billion, a P/E ratio of -14.58 and a beta of 0.88.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced 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 during the quarter, compared to analysts' expectations of $2.23 million. On average, analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the sale, the insider now directly 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the business'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 $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % 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 90 days. Corporate insiders own 7.22% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in the business. Fourth Dimension Wealth LLC bought a new stake in D-Wave Quantum during the fourth quarter worth approximately $26,000. PNC Financial Services Group Inc. acquired a new stake in shares of D-Wave Quantum during the 4th quarter valued at $38,000. Heritage Wealth Advisors bought a new stake in shares of D-Wave Quantum during the 4th quarter worth $67,000. GAMMA Investing LLC grew its holdings in shares of D-Wave Quantum by 4,019.5% in the 1st quarter. GAMMA Investing LLC now owns 10,587 shares of the company's stock worth $80,000 after acquiring an additional 10,330 shares during the last quarter. Finally, Kingsview Wealth Management LLC acquired a new stake in D-Wave Quantum during the 4th quarter worth about $84,000. 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.