D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.7% – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded down 6.7% during trading on Friday . The stock 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.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Needham & Company LLC reaffirmed 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 boosted their price objective on shares of 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 note on Friday, March 14th. Craig Hallum boosted their price target 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. 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 research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Down 6.0 %

The company has a market cap of $2.21 billion, a P/E ratio of -18.04 and a beta of 1.12. The company has a fifty day moving average of $6.62 and a 200 day moving average of $4.45.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (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 analyst estimates of $2.23 million. As a group, research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In related news, 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 value 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 represents a 0.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,071,206 shares of company stock worth $46,758,181. Company insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently modified their holdings of the company. Fourth Dimension Wealth LLC purchased a new stake in D-Wave Quantum in the 4th quarter worth $26,000. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth about $38,000. Heritage Wealth Advisors bought a new stake in D-Wave Quantum during the 4th quarter valued at approximately $67,000. Kingsview Wealth Management LLC purchased a new position in D-Wave Quantum in the 4th quarter worth approximately $84,000. Finally, Summit Investment Advisors Inc. lifted its holdings in 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 purchasing an additional 1,766 shares in the last quarter. 42.47% of the stock is currently owned by 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.