D-Wave Quantum (NYSE:QBTS) Trading Down 6.7% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s share price fell 6.7% on Friday . The company traded as low as $7.25 and last traded at $7.52. 17,423,668 shares were traded during trading, a decline of 45% from the average session volume of 31,805,571 shares. The stock had previously closed at $8.06.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Craig Hallum boosted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Benchmark reiterated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Roth Mkm boosted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. B. Riley increased their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Finally, Needham & Company LLC restated a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Price Performance

The firm has a market cap of $2.21 billion, a P/E ratio of -18.04 and a beta of 1.12. The stock’s 50-day simple moving average is $6.62 and its two-hundred day simple moving average is $4.45.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly 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 company had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. As a group, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum 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 completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now directly owns 30,000,000 shares of the company’s stock, 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. In the last three months, insiders sold 10,071,206 shares of company stock valued at $46,758,181. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently modified their holdings of the stock. Summit Investment Advisors Inc. increased its holdings in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after purchasing an additional 1,766 shares during the period. Invesco Ltd. increased its stake in shares of D-Wave Quantum by 5.1% during the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock valued at $358,000 after buying an additional 2,051 shares during the period. Corebridge Financial Inc. raised its holdings in shares of D-Wave Quantum by 5.0% in the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock valued at $413,000 after acquiring an additional 2,342 shares in the last quarter. Fourth Dimension Wealth LLC purchased a new stake in D-Wave Quantum in the fourth quarter worth about $26,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in D-Wave Quantum by 38.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock worth $110,000 after acquiring an additional 3,660 shares in the last quarter. 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.