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

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on QBTS shares. Benchmark reissued a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Roth Mkm raised their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note 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 report on Friday, March 14th. Craig Hallum boosted their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, B. Riley increased their price objective 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 equities research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Stock Down 3.1 %

The stock has a market cap of $2.34 billion, a PE ratio of -19.11 and a beta of 1.12. The firm has a fifty day moving average of $6.53 and a 200 day moving average of $4.36.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) EPS 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 analyst estimates of $2.23 million. On average, equities research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the transaction, the insider now owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. This trade represents a 0.52 % 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 corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after acquiring an additional 3,624,407 shares during the period. Geode Capital Management LLC grew its position in D-Wave Quantum by 16.4% during the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock worth $24,992,000 after purchasing an additional 418,468 shares during the last quarter. Bank of America Corp DE increased its stake in D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after purchasing an additional 2,497,263 shares during the period. UNICOM Systems Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $20,258,000. Finally, State Street Corp boosted its stake in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares during the period. Hedge funds and other 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.