D-Wave Quantum (NYSE:QBTS) Stock Price Down 7.4% - Here's Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) fell 7.4% during mid-day trading on Tuesday . The company 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 equities analysts recently issued reports on QBTS shares. Benchmark increased their target price on shares of D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Needham & Company LLC lifted their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. 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 report on Friday, March 14th. Finally, Roth Mkm increased their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum has a consensus rating of "Buy" and an average target price of $10.17.

D-Wave Quantum Trading Down 7.6%

The firm has a 50-day simple moving average of $9.29 and a two-hundred day simple moving average of $7.00. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of -38.61 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. On average, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Alan E. Baratz sold 845,813 shares of D-Wave Quantum 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 directly owns 2,866,412 shares of the company's stock, valued at approximately $48,729,004. This trade represents a 22.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Roger Biscay sold 15,675 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total value of $259,891.50. Following the sale, the director now directly owns 203,147 shares of the company's stock, valued at $3,368,177.26. This represents a 7.16% decrease in their ownership of the stock. 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 ninety days. 7.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently modified their holdings of QBTS. Flagship Harbor Advisors LLC acquired a new position in D-Wave Quantum in the 4th quarter worth $233,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in D-Wave Quantum in the 4th quarter valued at approximately $488,000. Sonora Investment Management Group LLC bought a new stake in D-Wave Quantum in the 4th quarter valued at approximately $135,000. Strategic Advocates LLC bought a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $148,000. Finally, Spire Wealth Management acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $90,000. 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.