D-Wave Quantum (NYSE:QBTS) Shares Down 4.1% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares traded down 4.1% during trading on Thursday . The stock traded as low as $22.30 and last traded at $22.5250. 21,303,221 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 32,013,586 shares. The stock had previously closed at $23.50.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on QBTS shares. Rosenblatt Securities reissued a “buy” rating and issued a $43.00 target price on shares of D-Wave Quantum in a research report on Thursday, June 11th. Mizuho lifted their price target on shares of D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a report on Monday, June 15th. Needham & Company LLC reissued a “buy” rating and set a $40.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Weiss Ratings upgraded D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, June 23rd. Finally, Stifel Nicolaus set a $35.00 target price on D-Wave Quantum in a research report on Tuesday, June 2nd. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.80.

D-Wave Quantum Trading Down 4.1%

The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31. The business’s 50-day simple moving average is $23.59 and its two-hundred day simple moving average is $22.16. The stock has a market capitalization of $8.33 billion, a price-to-earnings ratio of -19.93 and a beta of 2.11.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. During the same quarter in the prior year, the business earned ($0.02) earnings per share. The business’s quarterly revenue was down 80.9% compared to the same quarter last year. On average, research analysts anticipate that D-Wave Quantum Inc. will post -0.43 earnings per share for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, Director John D. Dilullo sold 7,850 shares of the firm’s 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 transaction, the director directly owned 21,310 shares of the company’s stock, valued at $520,603.30. This trade represents a 26.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Sophie C. Ames sold 23,025 shares of the business’s 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. This represents a 3.71% 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 1,363,842 shares of company stock worth $35,802,656 in the last quarter. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently modified their holdings of QBTS. Caitong International Asset Management Co. Ltd increased its stake in D-Wave Quantum by 370.9% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 96,248 shares of the company’s stock worth $2,378,000 after buying an additional 75,807 shares during the period. SG Americas Securities LLC lifted its holdings in D-Wave Quantum by 254.7% in the 4th quarter. SG Americas Securities LLC now owns 2,272,020 shares of the company’s stock worth $59,413,000 after buying an additional 1,631,415 shares in the last quarter. WBI Investments LLC purchased a new position in D-Wave Quantum in the 3rd quarter valued at about $844,000. Massachusetts Financial Services Co. MA purchased a new position in D-Wave Quantum in the 4th quarter valued at about $1,114,000. Finally, World Investment Advisors grew its stake in shares of D-Wave Quantum by 195.7% during the fourth quarter. World Investment Advisors now owns 41,691 shares of the company’s stock valued at $1,090,000 after acquiring an additional 27,592 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.