D-Wave Quantum (NYSE:QBTS) Stock Price Down 7.4% - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price traded down 7.4% during trading on Tuesday . The stock traded as low as $16.95 and last traded at $17.41. 61,993,452 shares were traded during trading, an increase of 46% from the average session volume of 42,549,147 shares. The stock had previously closed at $18.80.

Analyst Upgrades and Downgrades

A number of research firms recently commented on QBTS. Needham & Company LLC upped their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Roth Mkm upped their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Benchmark upped their price objective on D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, B. Riley upped their price target 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 investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $10.17.

D-Wave Quantum Stock Performance

The firm has a fifty day moving average of $9.10 and a 200-day moving average of $6.93. The stock has a market capitalization of $5.07 billion, a price-to-earnings ratio of -41.27 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. On average, analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other D-Wave Quantum 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 transaction 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 approximately $48,729,004. The trade was a 22.78% 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, Director Roger Biscay sold 96,521 shares of D-Wave Quantum stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $17.86, for a total transaction of $1,723,865.06. Following the transaction, the director now directly owns 106,626 shares in the company, valued at approximately $1,904,340.36. This represents a 47.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,358,009 shares of company stock valued at $23,282,578 over the last three months. 7.22% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Geneos Wealth Management Inc. acquired a new position in shares of D-Wave Quantum in the first quarter worth approximately $147,000. Focus Partners Wealth raised its holdings in shares of D-Wave Quantum by 86.5% in the 1st quarter. Focus Partners Wealth now owns 42,947 shares of the company's stock worth $326,000 after acquiring an additional 19,922 shares during the last quarter. Flaharty Asset Management LLC acquired a new stake in shares of D-Wave Quantum in the 1st quarter worth about $91,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new stake in D-Wave Quantum in the 1st quarter worth about $3,013,000. Finally, NewEdge Advisors LLC grew its stake in D-Wave Quantum by 125.7% in the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company's stock valued at $333,000 after purchasing an additional 24,382 shares during the period. 42.47% of the stock is owned by institutional investors.

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.