D-Wave Quantum (NYSE:QBTS) Stock Price Down 3.1% – Here’s Why

by · The Cerbat Gem

D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report)’s share price dropped 3.1% on Thursday . The company traded as low as $6.75 and last traded at $7.11. Approximately 13,924,678 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 32,277,048 shares. The stock had previously closed at $7.34.

Wall Street Analyst Weigh In

QBTS has been the topic of several recent analyst reports. Roth Mkm increased their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Craig Hallum increased their price target 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. B. Riley boosted their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Needham & Company LLC reiterated a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research report on Wednesday. Finally, Benchmark reissued a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum has a consensus rating of “Buy” and a consensus target price of $8.42.

Check Out Our Latest Research Report on QBTS

D-Wave Quantum Stock Down 12.2 %

The firm has a 50-day moving average price of $6.74 and a two-hundred day moving average price of $4.64. The firm has a market cap of $1.83 billion, a PE ratio of -14.98 and a beta of 0.88.

D-Wave Quantum (NYSE:QBTS – Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $2.23 million. Research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Transactions at D-Wave Quantum

In related news, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum 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 transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction 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 owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,071,206 shares of company stock valued at $46,758,181. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $26,000. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum in the fourth quarter valued at approximately $38,000. Heritage Wealth Advisors purchased a new position in D-Wave Quantum in the fourth quarter worth approximately $67,000. Kingsview Wealth Management LLC acquired a new stake in D-Wave Quantum during the fourth quarter worth $84,000. Finally, Summit Investment Advisors Inc. increased its stake in D-Wave Quantum by 20.6% during the fourth 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

(Get Free Report)

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.

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