D-Wave Quantum (NYSE:QBTS) Stock Price Down 9.8% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price dropped 9.8% during trading on Thursday . The company traded as low as $14.57 and last traded at $14.6050. Approximately 19,872,353 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 29,520,086 shares. The stock had previously closed at $16.19.

Wall Street Analysts Forecast Growth

QBTS has been the topic of a number of recent research reports. Wall Street Zen lowered shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Jefferies Financial Group began coverage on shares of D-Wave Quantum in a report on Tuesday, December 16th. They set a “buy” rating and a $45.00 price target for the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a report on Wednesday, January 28th. Benchmark reiterated a “buy” rating and set a $35.00 target price on shares of D-Wave Quantum in a research report on Friday, January 23rd. Finally, Roth Mkm reduced their price objective on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Fourteen investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, D-Wave Quantum presently has an average rating of “Moderate Buy” and an average target price of $36.50.

D-Wave Quantum Stock Performance

The firm has a market capitalization of $5.40 billion, a PE ratio of -13.28 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. The stock has a 50-day moving average price of $20.36 and a 200-day moving average price of $25.17.

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

Insider Transactions at D-Wave Quantum

In related news, Director John D. Dilullo sold 8,000 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $18.01, for a total value of $144,080.00. Following the completion of the sale, the director directly owned 19,803 shares of the company’s stock, valued at $356,652.03. The trade was a 28.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Alan E. Baratz sold 35,013 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total value of $982,464.78. Following the completion of the transaction, the chief executive officer owned 2,598,150 shares of the company’s stock, valued at approximately $72,904,089. The trade was a 1.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 72,898 shares of company stock valued at $1,749,054 over the last ninety days. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of QBTS. Osaic Holdings Inc. raised its position in shares of D-Wave Quantum by 125.7% during the 2nd quarter. Osaic Holdings Inc. now owns 247,004 shares of the company’s stock worth $3,616,000 after purchasing an additional 137,549 shares during the period. UNICOM Systems Inc. lifted its holdings 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 purchasing an additional 337,838 shares during the last quarter. Csenge Advisory Group boosted its position in D-Wave Quantum by 99.1% during the 3rd quarter. Csenge Advisory Group now owns 35,886 shares of the company’s stock valued at $887,000 after purchasing an additional 17,860 shares during the period. Mutual Advisors LLC bought a new position in D-Wave Quantum during the 3rd quarter worth $1,069,000. Finally, Federated Hermes Inc. increased its position in D-Wave Quantum by 259,560.6% in the third quarter. Federated Hermes Inc. now owns 184,359 shares of the company’s stock worth $4,556,000 after buying an additional 184,288 shares during the period. 42.47% of the stock is 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.