D-Wave Quantum (NYSE:QBTS) Trading Down 6.4% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price fell 6.4% during mid-day trading on Wednesday . The company traded as low as $6.42 and last traded at $6.48. Approximately 8,595,389 shares were traded during trading, a decline of 89% from the average session volume of 75,867,859 shares. The stock had previously closed at $6.92.

Analysts Set New Price Targets

QBTS has been the subject of several research analyst reports. Benchmark reiterated a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Craig Hallum increased their price objective on shares of 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 target price 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. Finally, Roth Mkm upped their price target 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. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Stock Down 0.9 %

The company has a market capitalization of $1.86 billion, a P/E ratio of -15.20 and a beta of 0.88. The firm’s 50-day moving average price is $6.96 and its 200 day moving average price is $5.06.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results 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 firm had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. As a group, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling at D-Wave Quantum

In related news, CFO John M. Markovich sold 5,582 shares of the 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 completion of the sale, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through this link. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum in the 4th quarter worth about $26,000. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum in the fourth quarter valued at about $38,000. Heritage Wealth Advisors purchased a new position in D-Wave Quantum in the fourth quarter valued at about $67,000. GAMMA Investing LLC grew its position in shares of D-Wave Quantum by 4,019.5% during the 1st quarter. GAMMA Investing LLC now owns 10,587 shares of the company’s stock valued at $80,000 after acquiring an additional 10,330 shares during the period. Finally, Kingsview Wealth Management LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter worth approximately $84,000. Institutional investors own 42.47% of the company’s stock.

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.