D-Wave Quantum (NASDAQ:QBTS) Stock Price Down 3.6% – What’s Next?

D-Wave Quantum Inc. (NASDAQ:QBTS) shares dropped 3.6% during trading on Wednesday. The company traded as low as $14.98 and last traded at $15.22. Approximately 14,289,798 shares were traded during trading, a decline of 46% from the average daily volume of 26,672,982 shares. The stock had previously closed at $15.79.

Analyst Ratings Changes

A number of brokerages have recently issued reports on QBTS. BMO Capital Markets began coverage on D-Wave Quantum in a report on Thursday, August 20th. They issued an “outperform” rating and a $35.00 target price for the company. Weiss Ratings upgraded D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 28th. Roth Capital reiterated a “buy” rating and set a $30.00 price objective on shares of D-Wave Quantum in a research note on Thursday, August 6th. Canaccord Genuity Group set a $35.00 target price on shares of D-Wave Quantum in a research note on Thursday, August 6th. Finally, Wedbush initiated coverage on shares of D-Wave Quantum in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Thirteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.27.

D-Wave Quantum Trading Down 3.6%

The company has a debt-to-equity ratio of 0.03, a quick ratio of 20.42 and a current ratio of 20.55. The stock has a market cap of $5.63 billion, a P/E ratio of -21.44 and a beta of 2.18. The company has a 50-day simple moving average of $18.03 and a 200-day simple moving average of $19.79.

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

Insiders Place Their Bets

In other D-Wave Quantum news, VP Sophie Ames sold 3,070 shares of the firm’s stock in a transaction dated Monday, July 20th. The shares were 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 owned 589,009 shares in the company, valued at approximately $9,983,702.55. This trade represents a 0.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.30% of the company’s stock.

Institutional Trading of D-Wave Quantum

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in D-Wave Quantum in the second quarter valued at approximately $795,206,000. Bank of America Corp DE acquired a new stake in D-Wave Quantum during the 2nd quarter worth $104,183,000. Goldman Sachs Group Inc. grew its holdings in D-Wave Quantum by 311.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,548,013 shares of the company’s stock worth $92,781,000 after acquiring an additional 2,685,980 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of D-Wave Quantum during the 2nd quarter valued at $54,951,000. Finally, Wellington Management Group LLP raised its position in shares of D-Wave Quantum by 372.2% during the 2nd quarter. Wellington Management Group LLP now owns 1,820,070 shares of the company’s stock valued at $43,663,000 after acquiring an additional 1,434,657 shares during the last quarter. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Company Profile

D-Wave Quantum Inc is a quantum-computing company that develops and delivers quantum systems, software and cloud-based services for commercial, government and research customers. The company focuses on quantum annealing, an approach designed to address complex optimization problems, and is also developing gate-model quantum-computing capabilities.

Its offerings include D-Wave quantum computers, the Leap quantum cloud service, and the Ocean software development kit. Through these products, customers can access quantum hardware, build and test applications, and combine quantum processing with classical computing through hybrid solvers.