D-Wave Quantum (NYSE:QBTS) Shares Down 5.7% – Here’s What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 5.7% on Monday . The stock traded as low as $5.97 and last traded at $6.06. Approximately 5,813,218 shares were traded during trading, a decline of 92% from the average daily volume of 74,326,773 shares. The stock had previously closed at $6.42.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. B. Riley boosted their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Needham & Company LLC reissued a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Roth Mkm lifted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Finally, Benchmark restated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Stock Performance

The firm has a market capitalization of $1.76 billion, a PE ratio of -14.36 and a beta of 0.88. The firm has a fifty day moving average of $6.98 and a 200 day moving average of $5.16.

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

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 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 $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.22% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the stock. Kingswood Wealth Advisors LLC acquired a new stake in D-Wave Quantum in the first quarter worth $167,000. Sowell Financial Services LLC bought a new stake in D-Wave Quantum in the 1st quarter valued at about $96,000. Brown Miller Wealth Management LLC acquired a new position in D-Wave Quantum during the 1st quarter valued at about $870,000. BayBridge Capital Group LLC bought a new position in D-Wave Quantum in the 1st quarter worth about $328,000. Finally, Southland Equity Partners LLC acquired a new stake in shares of D-Wave Quantum in the first quarter valued at approximately $155,000. 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.