D-Wave Quantum (NYSE:QBTS) Shares Down 4.3% - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price dropped 4.3% during trading on Friday . The company traded as low as $14.84 and last traded at $15.20. Approximately 17,762,676 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 45,599,397 shares. The stock had previously closed at $15.88.

Analysts Set New Price Targets

A number of analysts have commented on QBTS shares. Benchmark lifted their price target on D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research report on Friday. Needham & Company LLC raised their target price on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. 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. 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. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $10.17.

D-Wave Quantum Price Performance

The company has a market cap of $4.68 billion, a price-to-earnings ratio of -38.18 and a beta of 1.49. The business's 50-day simple moving average is $11.54 and its 200-day simple moving average is $8.31.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity

In other news, CEO Alan E. Baratz sold 845,813 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total value of $14,378,821.00. Following the completion of the sale, the chief executive officer now owns 2,866,412 shares of the company's stock, valued at $48,729,004. This trade represents a 22.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Roger Biscay sold 15,675 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total transaction of $259,891.50. Following the completion of the sale, the director now owns 203,147 shares of the company's stock, valued at approximately $3,368,177.26. The trade was a 7.16% 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 valued at $23,282,578 over the last three months. Insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently modified their holdings of QBTS. Rhumbline Advisers grew its stake in shares of D-Wave Quantum by 81.8% in the first quarter. Rhumbline Advisers now owns 242,515 shares of the company's stock worth $1,843,000 after acquiring an additional 109,110 shares during the last quarter. Strs Ohio acquired a new position in D-Wave Quantum during the 1st quarter valued at $139,000. Geneos Wealth Management Inc. bought a new stake in D-Wave Quantum in the 1st quarter valued at $147,000. Focus Partners Wealth grew its position in D-Wave Quantum by 86.5% during the first quarter. Focus Partners Wealth now owns 42,947 shares of the company's stock worth $326,000 after buying an additional 19,922 shares in the last quarter. Finally, Flaharty Asset Management LLC bought a new stake in shares of D-Wave Quantum in the 1st quarter worth approximately $91,000. Institutional investors 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.