D-Wave Quantum (NYSE:QBTS) Stock Price Down 3% – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded down 3% during trading on Tuesday . The company traded as low as $8.36 and last traded at $8.46. 22,464,191 shares traded hands during trading, a decline of 28% from the average session volume of 31,184,574 shares. The stock had previously closed at $8.72.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on QBTS shares. 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. Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Craig Hallum raised their price target on shares of 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 raised their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Finally, B. Riley boosted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Price Performance

The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of -19.26 and a beta of 1.12. The firm has a fifty day simple moving average of $6.53 and a 200 day simple moving average of $4.36.

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

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the stock in a transaction dated 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 represents a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a filing 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 dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction 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 approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,071,206 shares of company stock worth $46,758,181. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. 111 Capital acquired a new stake in D-Wave Quantum in the 4th quarter valued at about $123,000. Ameriflex Group Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $205,000. Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum in the fourth quarter valued at approximately $26,000. Voloridge Investment Management LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth $2,063,000. Finally, Squarepoint Ops LLC acquired a new position in D-Wave Quantum in the 4th quarter valued at $1,989,000. 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.