D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.4% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded down 6.4% during mid-day trading on Tuesday . The company traded as low as $17.81 and last traded at $18.42. 25,271,675 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 35,239,031 shares. The stock had previously closed at $19.67.

Analysts Set New Price Targets

QBTS has been the topic of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $48.00 price objective on shares of D-Wave Quantum in a report on Thursday, January 29th. Wedbush assumed coverage on shares of D-Wave Quantum in a report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 target price on the stock. Mizuho assumed coverage on shares of D-Wave Quantum in a report on Thursday, December 11th. They issued an “outperform” rating and a $46.00 price target for the company. TD Cowen started coverage on shares of D-Wave Quantum in a research report on Thursday, February 12th. They set a “buy” rating for the company. Finally, Rosenblatt Securities restated a “buy” rating and set a $43.00 price objective on shares of D-Wave Quantum in a report on Wednesday, January 28th. Fourteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.21.

D-Wave Quantum Stock Down 6.4%

The firm’s 50 day simple moving average is $25.52 and its 200-day simple moving average is $24.90. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $6.81 billion, a price-to-earnings ratio of -13.64 and a beta of 1.56.

Insider Buying and Selling at D-Wave Quantum

In related news, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $27.36, for a total transaction of $218,880.00. Following the completion of the transaction, the director owned 27,803 shares in the company, valued at approximately $760,690.08. This trade represents a 22.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 35,013 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total value of $982,464.78. Following the transaction, the chief executive officer owned 2,598,150 shares of the company’s stock, valued at $72,904,089. This represents a 1.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,274,466 shares of company stock valued at $36,146,806 in the last ninety days. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. raised its position in shares of D-Wave Quantum by 41.2% in the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after purchasing an additional 11,218,255 shares during the period. UBS Group AG grew its stake in D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after buying an additional 10,205,427 shares during the last quarter. Geode Capital Management LLC raised its holdings in D-Wave Quantum by 11.5% in the 4th quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock valued at $220,085,000 after acquiring an additional 866,405 shares during the period. State Street Corp lifted its position in D-Wave Quantum by 5.3% during the fourth quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after acquiring an additional 385,809 shares during the last quarter. Finally, Marex Group plc acquired a new stake in D-Wave Quantum during the second quarter worth approximately $80,070,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.