D-Wave Quantum (NYSE:QBTS) Trading Down 9.2% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price fell 9.2% during trading on Thursday . The company traded as low as $28.13 and last traded at $28.17. 41,490,276 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 64,438,527 shares. The stock had previously closed at $31.02.

Analyst Upgrades and Downgrades

QBTS has been the topic of a number of recent analyst reports. Cantor Fitzgerald raised their price target on shares of D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a report on Friday. Roth Capital set a $40.00 target price on shares of D-Wave Quantum in a research report on Thursday. B. Riley raised their target price on shares of D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Zacks Research raised D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Thursday. Finally, Piper Sandler increased their price objective on D-Wave Quantum from $13.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, August 8th. Eleven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $26.17.

D-Wave Quantum Price Performance

The stock’s 50 day moving average price is $28.10 and its two-hundred day moving average price is $19.56. The stock has a market cap of $10.11 billion, a price-to-earnings ratio of -21.89 and a beta of 1.53. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The firm had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. D-Wave Quantum had a negative return on equity of 124.07% and a negative net margin of 1,651.81%.The company’s revenue was up 105.6% compared to the same quarter last year. Equities research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director John D. Dilullo sold 8,000 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $143,440.00. Following the completion of the transaction, the director directly owned 36,295 shares in the company, valued at approximately $650,769.35. This represents a 18.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 31,369 shares of D-Wave Quantum stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $43.74, for a total transaction of $1,372,080.06. Following the completion of the sale, the chief executive officer owned 2,801,265 shares in the company, valued at approximately $122,527,331.10. This trade represents a 1.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 207,363 shares of company stock worth $4,659,478 in the last 90 days. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in D-Wave Quantum by 41.2% during the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after buying an additional 11,218,255 shares in the last quarter. State Street Corp grew its holdings in D-Wave Quantum by 41.3% in the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock valued at $97,333,000 after buying an additional 1,941,762 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of D-Wave Quantum by 41.6% in the 2nd quarter. Geode Capital Management LLC now owns 6,411,558 shares of the company’s stock worth $93,877,000 after acquiring an additional 1,883,109 shares during the last quarter. Marex Group plc purchased a new position in shares of D-Wave Quantum during the 2nd quarter worth $80,070,000. Finally, UNICOM Systems Inc. boosted its position in shares of D-Wave Quantum by 91.9% during the 1st 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. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Company Profile

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.