D-Wave Quantum (NYSE:QBTS) Trading Down 2.5% - Here's Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded down 2.5% during mid-day trading on Thursday . The stock traded as low as $16.26 and last traded at $17.37. 26,713,884 shares traded hands during trading, a decline of 39% from the average session volume of 44,092,120 shares. The stock had previously closed at $17.82.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. B. Riley boosted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Roth Mkm lifted their target price 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. Benchmark boosted their target price on D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, Needham & Company LLC raised their price target on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $10.17.

D-Wave Quantum Price Performance

The stock's 50 day simple moving average is $10.56 and its two-hundred day simple moving average is $7.75. The company has a market capitalization of $5.46 billion, a P/E ratio of -44.45 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. As a group, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 400,000 shares of D-Wave Quantum stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the completion of the sale, the chief financial officer now owns 1,577,944 shares of the company's stock, valued at approximately $27,298,431.20. The trade was a 20.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 845,813 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total value of $14,378,821.00. Following the completion of the transaction, the chief executive officer now directly owns 2,866,412 shares in the company, valued at approximately $48,729,004. This trade represents a 22.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,358,009 shares of company stock worth $23,282,578 over the last 90 days. 7.22% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently modified their holdings of QBTS. Spire Wealth Management acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $90,000. Kingsview Wealth Management LLC bought a new stake in D-Wave Quantum in the fourth quarter valued at approximately $84,000. AlphaStar Capital Management LLC bought a new stake in D-Wave Quantum in the fourth quarter valued at approximately $225,000. Stephens Inc. AR acquired a new stake in D-Wave Quantum in the fourth quarter worth $494,000. Finally, UNICOM Systems Inc. bought a new position in shares of D-Wave Quantum during the fourth quarter worth $20,258,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.