D-Wave Quantum (NYSE:QBTS) Trading Down 6.2% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) dropped 6.2% during mid-day trading on Tuesday . The company traded as low as $25.94 and last traded at $27.0550. Approximately 50,923,455 shares traded hands during mid-day trading, an increase of 24% from the average daily volume of 40,984,133 shares. The stock had previously closed at $28.83.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on QBTS shares. Canaccord Genuity Group increased their price objective on shares of D-Wave Quantum from $20.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Williams Trading set a $35.00 price target on shares of D-Wave Quantum in a research report on Monday, November 10th. Cantor Fitzgerald increased their price target on D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Benchmark boosted their price objective on D-Wave Quantum from $20.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Finally, Mizuho initiated coverage on D-Wave Quantum in a research report on Thursday, December 11th. They set an “outperform” rating and a $46.00 target price on the stock. Fourteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.67.

D-Wave Quantum Stock Down 6.2%

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 stock’s 50-day moving average price is $26.21 and its 200-day moving average price is $24.23. The company has a market cap of $9.47 billion, a P/E ratio of -20.04 and a beta of 1.57.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The business had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.D-Wave Quantum’s revenue for the quarter was up 105.6% on a year-over-year basis. As a group, research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 200,000 shares of the company’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $22.94, for a total transaction of $4,588,000.00. Following the transaction, the chief financial officer owned 1,482,874 shares in the company, valued at approximately $34,017,129.56. This represents a 11.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 806,288 shares of the company’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $28.87, for a total transaction of $23,277,534.56. Following the completion of the sale, the chief executive officer owned 2,801,265 shares in the company, valued at $80,872,520.55. This represents a 22.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,346,916 shares of company stock valued at $65,591,314 over the last ninety days. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors 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% in the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after buying an additional 1,300 shares during the last quarter. Royal Bank of Canada raised its position in D-Wave Quantum by 59.8% in the first quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock worth $1,231,000 after acquiring an additional 60,668 shares during the period. AQR Capital Management LLC boosted its stake in D-Wave Quantum by 201.0% in the first 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position 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 during the period. Finally, NewEdge Advisors LLC increased its stake in shares of D-Wave Quantum by 125.7% during the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after purchasing an additional 24,382 shares during the last quarter. Hedge funds and other institutional investors 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.