D-Wave Quantum (NASDAQ:QBTS) Shares Down 8.4% – What’s Next?

Shares of D-Wave Quantum Inc. (NASDAQ:QBTS) traded down 8.4% on Monday . The stock traded as low as $18.66 and last traded at $18.68. 17,057,233 shares traded hands during trading, a decline of 41% from the average daily volume of 28,719,182 shares. The stock had previously closed at $20.39.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on QBTS shares. Weiss Ratings cut shares of D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Jefferies Financial Group set a $40.00 target price on D-Wave Quantum in a research report on Friday, August 7th. Wedbush started coverage on shares of D-Wave Quantum in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price objective on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $40.00 price target on shares of D-Wave Quantum in a report on Wednesday, May 13th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $43.00 price objective on shares of D-Wave Quantum in a report on Friday, August 7th. Thirteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.27.

D-Wave Quantum Trading Up 3.6%

The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42. The business has a fifty day moving average of $20.38 and a 200-day moving average of $20.21. The stock has a market capitalization of $7.16 billion, a price-to-earnings ratio of -27.25 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The business had revenue of $3.08 million for the quarter, compared to the consensus estimate of $4.03 million. During the same quarter last year, the business posted ($0.08) EPS. The business’s revenue for the quarter was down 0.6 on a year-over-year basis. On average, equities analysts anticipate that D-Wave Quantum Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Transactions at D-Wave Quantum

In related news, CFO John M. Markovich sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $25.71, for a total value of $5,142,000.00. Following the completion of the transaction, the chief financial officer owned 1,142,820 shares of the company’s stock, valued at approximately $29,381,902.20. This trade represents a 14.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Sophie C. Ames sold 3,070 shares of the firm’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $16.95, for a total value of $52,036.50. Following the completion of the sale, the vice president directly owned 589,009 shares of the company’s stock, valued at approximately $9,983,702.55. This trade represents a 0.52% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,012,065 shares of company stock valued at $26,245,703 in the last 90 days. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of the business. Baird Financial Group Inc. boosted its holdings in shares of D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after purchasing an additional 1,300 shares during the period. Royal Bank of Canada boosted its stake in shares of D-Wave Quantum by 59.8% during the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock valued at $1,231,000 after buying an additional 60,668 shares during the period. AQR Capital Management LLC grew its holdings in shares of D-Wave Quantum by 201.0% during the 1st quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock valued at $1,526,000 after acquiring an additional 134,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of D-Wave Quantum by 93.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock valued at $825,000 after acquiring an additional 52,437 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of D-Wave Quantum by 125.7% in the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after acquiring an additional 24,382 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.