D-Wave Quantum (NYSE:QBTS) Stock Price Down 1.6% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was down 1.6% during mid-day trading on Tuesday . The company traded as low as $18.66 and last traded at $18.7410. Approximately 21,538,855 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 31,780,918 shares. The stock had previously closed at $19.04.

Wall Street Analyst Weigh In

QBTS has been the subject of several analyst reports. Needham & Company LLC decreased their target price on shares of D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. 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. Roth Mkm dropped their target price on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Canaccord Genuity Group set a $43.00 price target on D-Wave Quantum in a report on Thursday, January 29th. Finally, Wedbush began coverage on D-Wave Quantum in a research report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 price target on the stock. Fourteen investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, D-Wave Quantum currently has an average rating of “Moderate Buy” and an average price target of $36.50.

D-Wave Quantum Stock Down 1.6%

The company has a current ratio of 42.38, a quick ratio of 42.25 and a debt-to-equity ratio of 0.04. The business has a fifty day simple moving average of $23.13 and a two-hundred day simple moving average of $25.10. The company has a market cap of $6.93 billion, a PE ratio of -17.04 and a beta of 1.61.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share (EPS) 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 company had revenue of $2.75 million during the quarter, compared to analysts’ expectations of $3.74 million. The business’s revenue was up 21.7% compared to the same quarter last year. As a group, equities research analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other D-Wave Quantum news, CEO Alan E. Baratz sold 35,013 shares of the firm’s stock in a transaction 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 sale, the chief executive officer directly owned 2,598,150 shares of the company’s stock, valued at $72,904,089. This trade represents a 1.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Markovich sold 9,179 shares of D-Wave Quantum stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total transaction of $257,562.74. Following the transaction, the chief financial officer directly owned 1,462,133 shares in the company, valued at $41,027,451.98. This trade represents a 0.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 967,466 shares of company stock valued at $28,820,666 in the last quarter. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in D-Wave Quantum by 41.2% in the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after buying an additional 11,218,255 shares during the period. UBS Group AG boosted its stake in D-Wave Quantum by 541.6% during the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after buying an additional 10,205,427 shares during the period. Marex Group plc acquired a new stake in shares of D-Wave Quantum during the second quarter valued at about $80,070,000. Northwestern Mutual Wealth Management Co. increased its position in shares of D-Wave Quantum by 136,842.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company’s stock valued at $83,546,000 after acquiring an additional 3,192,533 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of D-Wave Quantum in the 2nd quarter valued at approximately $45,372,000. 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.