D-Wave Quantum (NYSE:QBTS) Trading Down 0.5% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) dropped 0.5% during trading on Thursday . The stock traded as low as $7.93 and last traded at $8.23. Approximately 17,506,633 shares traded hands during trading, a decline of 80% from the average daily volume of 85,533,406 shares. The stock had previously closed at $8.27.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on QBTS shares. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Craig Hallum upped their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. B. Riley lifted their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Finally, Roth Mkm increased their price target 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. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Stock Performance

The stock has a market cap of $2.34 billion, a price-to-earnings ratio of -19.11 and a beta of 1.12. The business’s 50 day moving average is $6.53 and its 200-day moving average is $4.36.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) 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 analyst estimates of $2.23 million. Sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the transaction, the insider now owns 37,278,688 shares of the company’s stock, valued at approximately $228,891,144.32. The trade was a 6.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the 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 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 trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,071,206 shares of company stock worth $46,758,181. 7.22% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at $26,000. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum during the fourth quarter worth about $38,000. Heritage Wealth Advisors acquired a new stake in shares of D-Wave Quantum during the fourth quarter valued at about $67,000. Kingsview Wealth Management LLC purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. lifted its holdings in shares of D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after acquiring an additional 1,766 shares during the last quarter. 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.