D-Wave Quantum (NYSE:QBTS) Stock Price Down 0.5% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was down 0.5% during mid-day trading on Thursday . The company traded as low as $7.93 and last traded at $8.23. Approximately 17,506,633 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 85,533,406 shares. The stock had previously closed at $8.27.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. B. Riley increased their price target 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. Benchmark reissued a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Craig Hallum raised their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Roth Mkm upped 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. Finally, Needham & Company LLC reissued a “buy” rating and issued a $8.50 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, According to data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Performance

The business has a fifty day moving average of $6.62 and a two-hundred day moving average of $4.43. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of -18.04 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. As a group, sell-side analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the transaction, the insider now owns 37,278,688 shares in the company, valued at approximately $228,891,144.32. The trade was a 6.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,071,206 shares of company stock valued at $46,758,181. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently made changes to their positions in QBTS. Barclays PLC increased its stake in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares during the period. Bank of New York Mellon Corp increased its position in shares of D-Wave Quantum by 40.9% in the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company’s stock worth $1,845,000 after purchasing an additional 63,799 shares during the period. Silverleafe Capital Partners LLC acquired a new position in D-Wave Quantum in the fourth quarter valued at about $820,000. Truist Financial Corp bought a new stake in D-Wave Quantum during the fourth quarter worth about $108,000. Finally, Patriot Financial Group Insurance Agency LLC bought a new stake in D-Wave Quantum during the fourth quarter worth about $488,000. 42.47% of the stock is currently owned by institutional investors.

About D-Wave Quantum

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.