D-Wave Quantum (NYSE:QBTS) Trading Down 5.7% – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were down 5.7% during trading on Wednesday . The company traded as low as $8.31 and last traded at $8.28. Approximately 33,578,236 shares were traded during mid-day trading, an increase of 7% from the average daily volume of 31,429,253 shares. The stock had previously closed at $8.78.

Analyst Ratings Changes

Several brokerages recently commented on QBTS. Benchmark reaffirmed a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. Needham & Company LLC reiterated a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Roth Mkm lifted 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. B. Riley boosted their target price 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. Finally, Craig Hallum lifted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Trading Down 3.5 %

The firm has a market cap of $2.27 billion, a price-to-earnings ratio of -18.72 and a beta of 1.12. The firm’s 50 day simple moving average is $6.58 and its two-hundred day simple moving average is $4.38.

D-Wave Quantum (NYSE:QBTS) last issued 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 company had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. As a group, equities research analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the completion of the sale, the insider now owns 30,000,000 shares in the company, valued at $122,100,000. This represents a 19.53 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,071,206 shares of company stock valued at $46,758,181. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fourth Dimension Wealth LLC bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $26,000. PNC Financial Services Group Inc. bought a new stake in D-Wave Quantum during the fourth quarter worth $38,000. Heritage Wealth Advisors purchased a new position in shares of D-Wave Quantum in the 4th quarter worth about $67,000. Kingsview Wealth Management LLC bought a new position in shares of D-Wave Quantum during the 4th quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. raised its stake in shares of D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after buying an additional 1,766 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.