D-Wave Quantum (NYSE:QBTS) Shares Down 3% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s share price dropped 3% during mid-day trading on Tuesday . The stock traded as low as $8.36 and last traded at $8.46. Approximately 22,464,191 shares traded hands during trading, a decline of 28% from the average daily volume of 31,184,574 shares. The stock had previously closed at $8.72.

Wall Street Analysts Forecast Growth

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

D-Wave Quantum Trading Down 0.5 %

The stock has a 50-day moving average price of $6.40 and a two-hundred day moving average price of $4.28. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of -20.74 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. Research analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was 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 $228,891,144.32. This trade represents a 6.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,071,206 shares of company stock worth $46,758,181 in the last three months. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently bought and sold shares of QBTS. Vanguard Group Inc. increased 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 acquiring an additional 3,624,407 shares during the period. Penserra Capital Management LLC boosted its holdings in D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares during the last quarter. Geode Capital Management LLC grew its position in 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 period. Bank of America Corp DE raised its stake in shares of D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after buying an additional 2,497,263 shares during the last quarter. Finally, UNICOM Systems Inc. acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at about $20,258,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.