D-Wave Quantum (NYSE:QBTS) Trading Down 4.3% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s share price dropped 4.3% during mid-day trading on Friday . The stock traded as low as $14.84 and last traded at $15.20. Approximately 17,762,676 shares were traded during trading, a decline of 61% from the average daily volume of 45,599,397 shares. The stock had previously closed at $15.88.

Analysts Set New Price Targets

QBTS has been the subject of several research reports. Roth Mkm raised their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. B. Riley raised their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Benchmark raised their price target on D-Wave Quantum from $8.00 to $14.00 and gave the company a “buy” rating in a report on Monday, May 12th. Finally, Needham & Company LLC raised their price target on D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a report on Friday, May 9th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum has an average rating of “Buy” and a consensus price target of $10.17.

D-Wave Quantum Price Performance

The company has a market capitalization of $4.42 billion, a price-to-earnings ratio of -36.00 and a beta of 1.49. The business’s 50-day moving average price is $11.54 and its two-hundred day moving average price is $8.27.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. As a group, research analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity at D-Wave Quantum

In related news, Director Roger Biscay sold 96,521 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $17.86, for a total transaction of $1,723,865.06. Following the sale, the director now owns 106,626 shares in the company, valued at approximately $1,904,340.36. This trade represents a 47.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John M. Markovich sold 400,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the sale, the chief financial officer now owns 1,577,944 shares in the company, valued at $27,298,431.20. This represents a 20.22% decrease in their position. 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 quarter. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of QBTS. Vanguard Group Inc. grew its position in D-Wave Quantum by 58.5% in the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock valued at $85,766,000 after acquiring an additional 4,166,721 shares during the last quarter. Bank of America Corp DE grew its position 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 acquiring an additional 2,497,263 shares during the last quarter. Penserra Capital Management LLC grew its position in D-Wave Quantum by 80.1% in the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company’s stock valued at $38,518,000 after acquiring an additional 2,253,741 shares during the last quarter. UNICOM Systems Inc. grew its position in D-Wave Quantum by 91.9% in the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company’s stock valued at $35,171,000 after acquiring an additional 2,216,000 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in D-Wave Quantum in the first quarter valued at about $8,064,000. Institutional investors 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.