D-Wave Quantum (NYSE:QBTS) Stock Price Down 0.2% – Here’s What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded down 0.2% during trading on Friday . The company traded as low as $8.21 and last traded at $8.67. 37,023,565 shares changed hands during mid-day trading, an increase of 21% from the average session volume of 30,506,242 shares. The stock had previously closed at $8.69.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Roth Mkm upped their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. B. Riley upped 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. Craig Hallum increased their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reissued a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Performance

The business has a 50-day simple moving average of $6.31 and a two-hundred day simple moving average of $4.20. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of -19.94 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last released its quarterly 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 business had revenue of $2.31 million during the quarter, compared to analysts’ expectations of $2.23 million. On average, analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 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 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 approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $122,100,000. The trade was a 19.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,071,206 shares of company stock valued at $46,758,181 in the last quarter. 7.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in QBTS. Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $26,000. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum during the 4th quarter valued at $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum during the 4th quarter valued at $67,000. Kingsview Wealth Management LLC acquired a new stake in D-Wave Quantum during the 4th quarter valued at $84,000. Finally, Summit Investment Advisors Inc. lifted its holdings in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after purchasing an additional 1,766 shares during the last quarter. 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.