D-Wave Quantum (NYSE:QBTS) Stock Price Down 3.1% - Here's What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) dropped 3.1% during trading on Thursday . The company traded as low as $6.75 and last traded at $7.11. Approximately 13,924,678 shares were traded during trading, a decline of 57% from the average daily volume of 32,277,048 shares. The stock had previously closed at $7.34.

Analyst Upgrades and Downgrades

QBTS has been the subject of a number of recent research reports. Roth Mkm increased their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. B. Riley lifted their price objective 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. 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 reiterated a "buy" rating and issued a $8.50 target price on shares of D-Wave Quantum in a report on Wednesday, April 2nd. Finally, Craig Hallum increased their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock 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 MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $8.42.

D-Wave Quantum Price Performance

The company has a market cap of $1.92 billion, a P/E ratio of -15.69 and a beta of 0.88. The stock has a fifty day moving average price of $6.74 and a two-hundred day moving average price of $4.70.

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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) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million for the quarter, compared to analysts' expectations of $2.23 million. Equities analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 37,278,688 shares in the company, valued at approximately $228,891,144.32. The trade was a 6.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the business'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 sale, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,071,206 shares of company stock valued at $46,758,181 in the last ninety days. 7.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently added to or reduced their stakes in QBTS. GAMMA Investing LLC increased its stake in 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 purchasing an additional 10,330 shares during the period. Modus Advisors LLC bought a new position in shares of D-Wave Quantum in the 1st quarter worth approximately $132,000. 111 Capital purchased a new position in D-Wave Quantum during the fourth quarter valued at $123,000. Ameriflex Group Inc. bought a new stake in D-Wave Quantum during the fourth quarter worth about $205,000. Finally, Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum in the 4th quarter worth approximately $26,000. 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.