D-Wave Quantum (NYSE:QBTS) Shares Down 2% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price dropped 2% on Wednesday . The stock traded as low as $21.15 and last traded at $21.39. Approximately 16,820,327 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 29,969,354 shares. The stock had previously closed at $21.83.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Stifel Nicolaus set a $35.00 price target on D-Wave Quantum in a research note on Tuesday, June 2nd. Wedbush initiated coverage on D-Wave Quantum in a report on Monday. They issued an “outperform” rating and a $40.00 price objective for the company. Canaccord Genuity Group lowered their target price on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating on the stock in a research report on Wednesday, May 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $40.00 target price on shares of D-Wave Quantum in a report on Wednesday, May 13th. Finally, Roth Capital increased their price target on shares of D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, D-Wave Quantum has an average rating of “Moderate Buy” and an average price target of $36.80.

D-Wave Quantum Trading Down 2.0%

The company has a 50 day simple moving average of $22.25 and a 200 day simple moving average of $20.71. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $7.91 billion, a PE ratio of -18.93 and a beta of 2.11.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.03. The company had revenue of $2.86 million for the quarter, compared to the consensus estimate of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The company’s revenue was down 80.9% on a year-over-year basis. During the same period last year, the business posted ($0.02) EPS. Analysts predict that D-Wave Quantum Inc. will post -0.42 earnings per share for the current fiscal year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, VP Sophie C. Ames sold 23,025 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $18.98, for a total value of $437,014.50. Following the transaction, the vice president directly owned 596,803 shares of the company’s stock, valued at approximately $11,327,320.94. The trade was a 3.71% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan E. Baratz sold 687,627 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the transaction, the chief executive officer owned 3,299,771 shares of the company’s stock, valued at approximately $86,223,016.23. The trade was a 17.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,363,842 shares of company stock worth $35,789,148 over the last quarter. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in the company. UBS Group AG lifted its holdings in shares of D-Wave Quantum by 541.6% in the 3rd 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 increased its holdings in shares of D-Wave Quantum by 11.5% in the 4th quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock valued at $220,085,000 after purchasing an additional 866,405 shares in the last quarter. State Street Corp increased its holdings in shares of D-Wave Quantum by 5.3% in the 4th quarter. State Street Corp now owns 7,707,085 shares of the company’s stock valued at $201,540,000 after purchasing an additional 385,809 shares in the last quarter. Marex Group plc lifted its stake in shares of D-Wave Quantum by 74.9% in the fourth quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock valued at $120,098,000 after purchasing an additional 1,966,500 shares during the period. Finally, Clear Street Group Inc. lifted its stake in shares of D-Wave Quantum by 40.4% in the fourth quarter. Clear Street Group Inc. now owns 4,281,254 shares of the company’s stock valued at $111,955,000 after purchasing an additional 1,232,106 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 (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.