D-Wave Quantum (NASDAQ:QBTS) Shares Down 2.7% – Here’s What Happened

D-Wave Quantum Inc. (NASDAQ:QBTS) dropped 2.7% during mid-day trading on Monday . The stock traded as low as $20.02 and last traded at $20.19. Approximately 13,130,306 shares traded hands during trading, a decline of 56% from the average daily volume of 29,743,189 shares. The stock had previously closed at $20.76.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, May 13th. Jefferies Financial Group set a $40.00 target price on D-Wave Quantum in a research report on Friday. Wall Street Zen raised shares of D-Wave Quantum from a “strong sell” rating to a “sell” rating in a research report on Saturday. Roth Capital reaffirmed a “buy” rating and issued a $30.00 target price on shares of D-Wave Quantum in a research report on Thursday. Finally, B. Riley Financial raised their price target on shares of D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.36.

D-Wave Quantum Stock Performance

The stock has a market cap of $7.47 billion, a price-to-earnings ratio of -28.44 and a beta of 2.15. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41. The stock’s 50-day simple moving average is $21.74 and its two-hundred day simple moving average is $20.53.

D-Wave Quantum (NASDAQ:QBTS) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). D-Wave Quantum had a negative return on equity of 28.19% and a negative net margin of 2,001.59%.The business had revenue of $3.08 million during the quarter, compared to the consensus estimate of $4.03 million. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. The company’s revenue for the quarter was down 0.6 on a year-over-year basis. Analysts forecast that D-Wave Quantum Inc. will post -0.42 earnings per share for the current year.

Insider Buying and Selling

In related news, Director John D. Dilullo sold 7,850 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $24.43, for a total transaction of $191,775.50. Following the completion of the transaction, the director directly owned 21,310 shares in the company, valued at $520,603.30. This represents a 26.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan E. Baratz sold 687,627 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the completion of the sale, the chief executive officer owned 3,299,771 shares in the company, valued at $86,223,016.23. This represents a 17.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,363,842 shares of company stock valued at $35,789,148 in the last ninety days. Company insiders own 1.30% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently modified their holdings of QBTS. Baird Financial Group Inc. raised its stake in shares of D-Wave Quantum by 12.0% in the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock valued at $92,000 after buying an additional 1,300 shares in the last quarter. Royal Bank of Canada grew its position in D-Wave Quantum by 59.8% in the first quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock valued at $1,231,000 after acquiring an additional 60,668 shares during the period. AQR Capital Management LLC grew its position in D-Wave Quantum by 201.0% in the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock valued at $1,526,000 after acquiring an additional 134,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of D-Wave Quantum by 93.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock valued at $825,000 after acquiring an additional 52,437 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in shares of D-Wave Quantum by 125.7% during the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock valued at $333,000 after acquiring an additional 24,382 shares during the period. 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.