D-Wave Quantum (NYSE:QBTS) Shares Down 6.2% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price dropped 6.2% during mid-day trading on Wednesday . The company traded as low as $18.78 and last traded at $20.07. Approximately 31,949,600 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 38,018,438 shares. The stock had previously closed at $21.40.

Analyst Upgrades and Downgrades

QBTS has been the subject of a number of recent research reports. Wall Street Zen raised D-Wave Quantum from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. Williams Trading set a $35.00 target price on shares of D-Wave Quantum in a research report on Monday, November 10th. Jefferies Financial Group began coverage on shares of D-Wave Quantum in a research report on Tuesday, December 16th. They set a “buy” rating and a $45.00 price target on the stock. Finally, Roth Mkm set a $40.00 price objective on shares of D-Wave Quantum in a research note on Thursday, November 6th. Thirteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, D-Wave Quantum presently has an average rating of “Moderate Buy” and a consensus target price of $38.21.

D-Wave Quantum Price Performance

The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $7.42 billion, a P/E ratio of -14.87 and a beta of 1.56. The company has a 50 day moving average price of $26.38 and a 200 day moving average price of $24.81.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.02. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The business had revenue of $3.74 million during the quarter, compared to the consensus estimate of $3.03 million. The company’s quarterly revenue was up 105.6% compared to the same quarter last year. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 35,013 shares of the company’s stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total value of $982,464.78. Following the transaction, the chief executive officer owned 2,598,150 shares in the company, valued at approximately $72,904,089. This represents a 1.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $27.36, for a total transaction of $218,880.00. Following the sale, the director owned 27,803 shares of the company’s stock, valued at $760,690.08. This trade represents a 22.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 2,346,916 shares of company stock worth $65,591,314 in the last ninety days. Insiders own 3.20% of the company’s stock.

Institutional Trading of D-Wave Quantum

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in 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 buying an additional 11,218,255 shares during the period. UBS Group AG grew 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 acquiring an additional 10,205,427 shares in the last quarter. State Street Corp increased its position in D-Wave Quantum by 41.3% during the second quarter. State Street Corp now owns 6,648,395 shares of the company’s stock worth $97,333,000 after acquiring an additional 1,941,762 shares during the period. Geode Capital Management LLC raised its stake in D-Wave Quantum by 41.6% in the 2nd quarter. Geode Capital Management LLC now owns 6,411,558 shares of the company’s stock worth $93,877,000 after purchasing an additional 1,883,109 shares in the last quarter. Finally, Marex Group plc acquired a new stake in D-Wave Quantum in the 2nd quarter worth about $80,070,000. 42.47% of the stock is currently owned by 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.