D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.4% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price fell 2.4% during mid-day trading on Wednesday . The stock traded as low as $17.26 and last traded at $17.3640. Approximately 14,423,242 shares traded hands during trading, a decline of 53% from the average daily volume of 30,547,768 shares. The stock had previously closed at $17.80.

Analysts Set New Price Targets

QBTS has been the topic of a number of research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $40.00 price target on shares of D-Wave Quantum in a report on Wednesday, May 13th. Canaccord Genuity Group cut their target price on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, May 13th. Weiss Ratings raised D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, June 23rd. Stifel Nicolaus set a $35.00 price target on D-Wave Quantum in a research report on Tuesday, June 2nd. Finally, Northland Securities began coverage on D-Wave Quantum in a research note on Monday, April 20th. They set a “market perform” rating and a $22.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.80.

D-Wave Quantum Price Performance

The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. The business’s 50-day simple moving average is $23.08 and its 200 day simple moving average is $21.34. The firm has a market capitalization of $6.33 billion, a P/E ratio of -15.15 and a beta of 2.11.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The firm had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. During the same period in the previous year, the business posted ($0.02) EPS. The business’s quarterly revenue was down 80.9% on a year-over-year basis. Sell-side analysts forecast that D-Wave Quantum Inc. will post -0.42 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Sophie C. Ames sold 23,025 shares of D-Wave Quantum stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $18.98, for a total value of $437,014.50. Following the transaction, the vice president owned 596,803 shares in the company, valued at approximately $11,327,320.94. The trade was a 3.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John D. Dilullo sold 7,850 shares of D-Wave Quantum stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $24.43, for a total value of $191,775.50. Following the completion of the transaction, the director owned 21,310 shares in the company, valued at approximately $520,603.30. This represents a 26.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,360,772 shares of company stock valued at $35,737,111 over the last three months. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of the stock. UBS Group AG boosted its holdings in D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after acquiring an additional 10,205,427 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in D-Wave Quantum by 136,842.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company’s stock worth $83,546,000 after purchasing an additional 3,192,533 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in D-Wave Quantum by 311.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,548,013 shares of the company’s stock worth $92,781,000 after purchasing an additional 2,685,980 shares in the last quarter. Marex Group plc lifted its position in shares of D-Wave Quantum by 74.9% in the 4th quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock worth $120,098,000 after purchasing an additional 1,966,500 shares during the period. Finally, State Street Corp lifted its position in shares of D-Wave Quantum by 41.3% in the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock worth $97,333,000 after purchasing an additional 1,941,762 shares during the period. 42.47% of the stock is currently owned by institutional investors.

About D-Wave Quantum

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.