D-Wave Quantum (NYSE:QBTS) Shares Down 5.8% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price dropped 5.8% during mid-day trading on Thursday . The stock traded as low as $16.36 and last traded at $16.53. Approximately 28,292,393 shares traded hands during trading, a decline of 34% from the average daily volume of 42,918,173 shares. The stock had previously closed at $17.55.

Analyst Ratings Changes

A number of brokerages recently commented on QBTS. Needham & Company LLC boosted their target price on shares of 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 objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Benchmark raised their target price 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. Finally, B. Riley boosted their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $10.17.

D-Wave Quantum Price Performance

The company has a market cap of $4.78 billion, a price-to-earnings ratio of -38.95 and a beta of 0.90. The firm's 50 day simple moving average is $9.59 and its 200-day simple moving average is $7.24.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. On average, 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 D-Wave Quantum 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 transaction, the chief executive officer now directly owns 2,866,412 shares of the company's stock, valued at $48,729,004. The trade was a 22.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Roger Biscay sold 15,675 shares of the firm's stock in a transaction 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 transaction, the director now directly owns 203,147 shares in the company, valued at $3,368,177.26. The trade was a 7.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,358,009 shares of company stock valued at $23,282,578. 7.22% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in D-Wave Quantum by 58.5% during the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock valued at $85,766,000 after acquiring an additional 4,166,721 shares during the last quarter. Penserra Capital Management LLC increased its holdings in shares of D-Wave Quantum by 80.1% in the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock valued at $38,518,000 after purchasing an additional 2,253,741 shares during the period. UNICOM Systems Inc. raised its stake in shares of D-Wave Quantum by 91.9% during the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after purchasing an additional 2,216,000 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of D-Wave Quantum by 16.4% during the fourth 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 period. Finally, Bank of America Corp DE lifted its holdings in shares of D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after purchasing an additional 2,497,263 shares during the period. Hedge funds and other 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.