D-Wave Quantum (NYSE:QBTS) Stock Price Down 0.7% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) dropped 0.7% during trading on Monday . The stock traded as low as $7.11 and last traded at $7.53. Approximately 16,809,341 shares were traded during trading, a decline of 47% from the average daily volume of 31,959,691 shares. The stock had previously closed at $7.58.

Analyst Ratings Changes

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

D-Wave Quantum Stock Down 2.3 %

The firm has a 50-day moving average price of $6.69 and a 200 day moving average price of $4.57. The firm has a market capitalization of $2.16 billion, a PE ratio of -17.68 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. Equities research analysts expect 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 8,372 shares of the business’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,071,206 shares of company stock worth $46,758,181 in the last ninety days. 7.22% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently modified their holdings of QBTS. Modus Advisors LLC acquired a new stake in D-Wave Quantum in the first quarter valued at $132,000. 111 Capital acquired a new stake in shares of D-Wave Quantum during the 4th quarter worth about $123,000. Ameriflex Group Inc. purchased a new stake in D-Wave Quantum during the fourth quarter worth approximately $205,000. Fourth Dimension Wealth LLC acquired a new position in D-Wave Quantum in the fourth quarter valued at approximately $26,000. Finally, Voloridge Investment Management LLC purchased a new position in D-Wave Quantum in the fourth quarter valued at approximately $2,063,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.