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

D-Wave Quantum Inc. (NASDAQ:QBTS)’s share price dropped 2.1% during trading on Tuesday. The stock traded as low as $16.37 and last traded at $16.43. Approximately 14,278,854 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 27,070,041 shares. The stock had previously closed at $16.78.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Roth Capital restated a “buy” rating and set a $30.00 target price on shares of D-Wave Quantum in a report on Thursday, August 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a research report on Friday, August 7th. Wall Street Zen raised shares of D-Wave Quantum from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Canaccord Genuity Group set a $35.00 price objective on D-Wave Quantum in a research report on Thursday, August 6th. Finally, Zacks Research lowered D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Thirteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, D-Wave Quantum currently has an average rating of “Moderate Buy” and a consensus target price of $36.27.

D-Wave Quantum Stock Performance

The company has a market capitalization of $6.17 billion, a PE ratio of -23.39 and a beta of 2.15. The company has a debt-to-equity ratio of 0.03, a quick ratio of 20.42 and a current ratio of 20.55. The stock’s fifty day simple moving average is $18.16 and its 200-day simple moving average is $19.83.

D-Wave Quantum (NASDAQ:QBTS) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $3.08 million for the quarter, compared to analyst estimates of $4.03 million. D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.D-Wave Quantum’s revenue for the quarter was down 0.6 on a year-over-year basis. During the same period in the prior year, the business earned ($0.08) earnings per share. As a group, equities analysts predict that D-Wave Quantum Inc. will post -0.46 earnings per share for the current year.

Insider Buying and Selling

In other D-Wave Quantum news, VP Sophie Ames sold 3,070 shares of the business’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $16.95, for a total value of $52,036.50. Following the completion of the transaction, the vice president directly owned 589,009 shares in the company, valued at approximately $9,983,702.55. The trade was a 0.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently made changes to their positions in the business. Tidal Investments LLC purchased a new stake in shares of D-Wave Quantum in the second quarter valued at $372,000. Archford Capital Strategies LLC purchased a new position in D-Wave Quantum during the second quarter worth about $200,000. WINTON GROUP Ltd acquired a new stake in D-Wave Quantum in the 2nd quarter worth about $6,720,000. NorthRock Partners LLC purchased a new stake in D-Wave Quantum in the 2nd quarter valued at about $359,000. Finally, Integrated Wealth Concepts LLC grew its holdings in D-Wave Quantum by 18.2% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 17,136 shares of the company’s stock valued at $411,000 after buying an additional 2,640 shares during the period. Institutional investors and hedge funds own 42.47% of the company’s stock.

About D-Wave Quantum

D-Wave Quantum Inc is a quantum-computing company that develops and delivers quantum systems, software and cloud-based services for commercial, government and research customers. The company focuses on quantum annealing, an approach designed to address complex optimization problems, and is also developing gate-model quantum-computing capabilities.

Its offerings include D-Wave quantum computers, the Leap quantum cloud service, and the Ocean software development kit. Through these products, customers can access quantum hardware, build and test applications, and combine quantum processing with classical computing through hybrid solvers.