D-Wave Quantum (NYSE:QBTS) Shares Down 2.1% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) shares traded down 2.1% on Friday . The stock traded as low as $15.22 and last traded at $15.76. 26,252,974 shares changed hands during mid-day trading, a decline of 13% from the average session volume of 30,155,295 shares. The stock had previously closed at $16.10.

Analysts Set New Price Targets

A number of analysts have issued reports on QBTS shares. Mizuho decreased their price target on D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. Wall Street Zen downgraded shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Evercore started coverage on shares of D-Wave Quantum in a research report on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of D-Wave Quantum in a report on Monday, December 29th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a research note on Wednesday, January 28th. Fourteen analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.50.

D-Wave Quantum Stock Down 2.1%

The firm has a 50-day simple moving average of $21.39 and a 200 day simple moving average of $25.08. The company has a market capitalization of $5.83 billion, a PE ratio of -14.33 and a beta of 1.61. The company has a debt-to-equity ratio of 0.04, a current ratio of 42.38 and a quick ratio of 42.25.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.04). The company had revenue of $2.75 million during the quarter, compared to analysts’ expectations of $3.74 million. D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The firm’s revenue for the quarter was up 21.7% compared to the same quarter last year. On average, research analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In related news, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $18.01, for a total transaction of $144,080.00. Following the completion of the sale, the director directly owned 19,803 shares of the company’s stock, valued at approximately $356,652.03. This trade represents a 28.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Alan E. Baratz sold 35,013 shares of D-Wave Quantum stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total transaction of $982,464.78. Following the sale, the chief executive officer directly owned 2,598,150 shares in the company, valued at $72,904,089. This trade represents a 1.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 966,610 shares of company stock worth $28,666,597. Company insiders own 3.20% of the company’s stock.

Institutional Trading of D-Wave Quantum

Large investors have recently modified their holdings of the business. Osaic Holdings Inc. increased its stake in D-Wave Quantum by 125.7% during the second quarter. Osaic Holdings Inc. now owns 247,004 shares of the company’s stock valued at $3,616,000 after purchasing an additional 137,549 shares during the last quarter. UNICOM Systems Inc. lifted its position in shares of D-Wave Quantum by 12.1% in the 3rd quarter. UNICOM Systems Inc. now owns 3,121,346 shares of the company’s stock worth $77,128,000 after buying an additional 337,838 shares during the last quarter. Csenge Advisory Group boosted its holdings in shares of D-Wave Quantum by 99.1% in the 3rd quarter. Csenge Advisory Group now owns 35,886 shares of the company’s stock valued at $887,000 after buying an additional 17,860 shares during the period. Mutual Advisors LLC bought a new stake in shares of D-Wave Quantum during the 3rd quarter valued at about $1,069,000. Finally, Federated Hermes Inc. raised its stake in D-Wave Quantum by 259,560.6% during the third quarter. Federated Hermes Inc. now owns 184,359 shares of the company’s stock worth $4,556,000 after acquiring an additional 184,288 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.