D-Wave Quantum (NYSE:QBTS) Trading Down 2.5% - Here's Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) fell 2.5% during trading on Tuesday . The stock traded as low as $9.48 and last traded at $10.91. 67,243,166 shares changed hands during mid-day trading, an increase of 132% from the average session volume of 29,013,954 shares. The stock had previously closed at $11.18.

Wall Street Analyst Weigh In

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

D-Wave Quantum Stock Performance

The business has a 50-day simple moving average of $6.25 and a 200-day simple moving average of $4.12. The company has a market cap of $2.25 billion, a price-to-earnings ratio of -19.94 and a beta of 1.12.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued 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 company had revenue of $2.31 million for the quarter, compared to analysts' expectations of $2.23 million. Research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling

In other news, CEO Alan E. Baratz sold 8,372 shares of the company's stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, 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 this link. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 10,071,206 shares of company stock worth $46,758,181. Corporate insiders own 7.22% of the company's stock.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently made changes to their positions in the company. Penserra Capital Management LLC increased its position in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock worth $4,409,000 after buying an additional 839,942 shares during the period. State Street Corp grew its position in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Barclays PLC increased its holdings in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after acquiring an additional 89,894 shares during the period. Geode Capital Management LLC boosted its stake in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock worth $2,513,000 after purchasing an additional 645,039 shares during the period. Finally, Silverleafe Capital Partners LLC acquired a new stake in D-Wave Quantum during the 4th quarter worth $820,000. 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.