D-Wave Quantum (NYSE:QBTS) Trading Down 6% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) traded down 6% on Thursday . The stock traded as low as $9.54 and last traded at $9.96. 61,925,312 shares traded hands during trading, an increase of 107% from the average session volume of 29,911,155 shares. The stock had previously closed at $10.60.

Analysts Set New Price Targets

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

D-Wave Quantum Trading Down 3.6 %

The stock has a market cap of $2.25 billion, a PE ratio of -19.94 and a beta of 1.12. The firm’s 50-day moving average price is $6.31 and its two-hundred day moving average price is $4.17.

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 business had revenue of $2.31 million during the quarter, compared to analyst estimates of $2.23 million. On average, analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction that occurred on Monday, January 13th. The shares were 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 trade represents a 19.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s 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 transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. The trade was 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 Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after buying an additional 3,624,407 shares in the last quarter. Penserra Capital Management LLC lifted its stake in D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 16.4% during the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock worth $24,992,000 after purchasing an additional 418,468 shares during the last quarter. Bank of America Corp DE grew its position in shares of D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after purchasing an additional 2,497,263 shares in the last quarter. Finally, UNICOM Systems Inc. acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $20,258,000. 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.