D-Wave Quantum (NYSE:QBTS) Trading Down 5.3% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares dropped 5.3% on Friday . The company traded as low as $13.71 and last traded at $13.8790. Approximately 18,060,750 shares changed hands during trading, a decline of 38% from the average daily volume of 29,325,928 shares. The stock had previously closed at $14.65.

Analysts Set New Price Targets

A number of brokerages have commented on QBTS. Benchmark reiterated a “buy” rating and issued a $35.00 price target on shares of D-Wave Quantum in a research note on Friday, January 23rd. TD Cowen assumed coverage on shares of D-Wave Quantum in a research note on Thursday, February 12th. They set a “buy” rating on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $43.00 target price on shares of D-Wave Quantum in a research note on Wednesday, January 28th. Zacks Research cut D-Wave Quantum from a “hold” rating to a “strong sell” rating in a report on Friday, March 6th. Finally, Needham & Company LLC lowered their price target on D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Fourteen research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.50.

D-Wave Quantum Stock Down 5.3%

The firm has a 50-day moving average price of $20.08 and a 200 day moving average price of $25.09. 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 company has a market cap of $5.13 billion, a price-to-earnings ratio of -12.62 and a beta of 1.61.

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

Insider Transactions at D-Wave Quantum

In related news, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $17.62, for a total value of $176,200.00. Following the transaction, the director directly owned 27,778 shares in the company, valued at approximately $489,448.36. This represents a 26.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John M. Markovich sold 10,706 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $17.63, for a total transaction of $188,746.78. Following the completion of the transaction, the chief financial officer owned 1,451,427 shares in the company, valued at $25,588,658.01. This trade represents a 0.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 72,898 shares of company stock worth $1,749,054 over the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of D-Wave Quantum by 41.2% during the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after purchasing an additional 11,218,255 shares in the last quarter. UBS Group AG boosted its stake in shares of D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after buying an additional 10,205,427 shares during the period. Geode Capital Management LLC boosted its stake in shares of D-Wave Quantum by 11.5% in the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock valued at $220,085,000 after buying an additional 866,405 shares during the period. State Street Corp grew its position in D-Wave Quantum by 5.3% during the fourth quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after buying an additional 385,809 shares in the last quarter. Finally, Marex Group plc acquired a new stake in D-Wave Quantum during the second quarter worth approximately $80,070,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.