D-Wave Quantum (NYSE:QBTS) Stock Price Down 9.3% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) shares were down 9.3% during trading on Friday . The company traded as low as $6.14 and last traded at $6.49. Approximately 16,026,242 shares traded hands during trading, a decline of 51% from the average daily volume of 32,403,192 shares. The stock had previously closed at $7.16.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on QBTS shares. B. Riley upped their target price on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Needham & Company LLC restated a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research report on Wednesday. Craig Hallum upped their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Roth Mkm raised their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Finally, Benchmark reaffirmed a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Trading Down 12.2 %

The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of -14.96 and a beta of 1.12. The firm’s 50 day simple moving average is $6.74 and its 200-day simple moving average is $4.61.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to analysts’ expectations of $2.23 million. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the completion of the sale, the insider now owns 37,278,688 shares in the company, valued at $228,891,144.32. This represents a 6.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,071,206 shares of company stock worth $46,758,181. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum during the fourth quarter worth approximately $67,000. Kingsview Wealth Management LLC purchased a new stake in D-Wave Quantum in the 4th quarter worth approximately $84,000. Finally, Summit Investment Advisors Inc. raised its holdings in D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.