D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.9% - Here's What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) were down 2.9% on Thursday . The stock traded as low as $15.77 and last traded at $16.05. Approximately 24,912,202 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 45,440,128 shares. The stock had previously closed at $16.53.

Analysts Set New Price Targets

Several equities analysts have commented on QBTS shares. Needham & Company LLC raised their target price on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Roth Mkm boosted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. B. Riley increased their price target 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. Finally, 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. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum has an average rating of "Buy" and an average price target of $10.17.

D-Wave Quantum Trading Down 5.3%

The business has a 50-day moving average price of $11.36 and a 200 day moving average price of $8.15. The company has a market cap of $4.39 billion, a price-to-earnings ratio of -35.79 and a beta of 1.49.

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, 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. On average, analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Alan E. Baratz sold 845,813 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer now owns 2,866,412 shares in the company, valued at $48,729,004. This represents a 22.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 directly owns 203,147 shares of the company's stock, valued at $3,368,177.26. This trade 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 worth $23,282,578 over the last ninety days. 7.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of 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 buying an additional 4,166,721 shares during the period. Penserra Capital Management LLC raised its holdings in shares of D-Wave Quantum by 80.1% during the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after acquiring an additional 2,253,741 shares in the last quarter. UNICOM Systems Inc. boosted its position in D-Wave Quantum by 91.9% during the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock valued at $35,171,000 after purchasing an additional 2,216,000 shares during the last quarter. Geode Capital Management LLC boosted its position in 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 valued at $24,992,000 after purchasing an additional 418,468 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after purchasing an additional 2,497,263 shares in the last quarter. Institutional investors and hedge funds 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.