D-Wave Quantum (NYSE:QBTS) Shares Down 2.1% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price fell 2.1% on Friday . The stock traded as low as $15.22 and last traded at $15.76. 26,252,974 shares were traded during trading, a decline of 13% from the average session volume of 30,155,295 shares. The stock had previously closed at $16.10.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of D-Wave Quantum in a research report on Tuesday, December 16th. They issued a “buy” rating and a $45.00 price target for the company. Mizuho reduced their price objective on D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, February 27th. Zacks Research lowered shares of D-Wave Quantum from a “hold” rating to a “strong sell” rating in a research report on Friday, March 6th. Wall Street Zen downgraded shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Finally, TD Cowen initiated coverage on shares of D-Wave Quantum in a research note on Thursday, February 12th. They issued a “buy” rating on the stock. Fourteen investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $36.50.

D-Wave Quantum Stock Performance

The stock has a 50 day moving average of $21.39 and a two-hundred day moving average of $25.08. The stock has a market capitalization of $5.83 billion, a PE ratio of -14.33 and a beta of 1.61. The company has a debt-to-equity ratio of 0.04, a current ratio of 42.38 and a quick ratio of 42.25.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.04). D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The business had revenue of $2.75 million during the quarter, compared to analysts’ expectations of $3.74 million. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. Research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other news, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $18.01, for a total transaction of $144,080.00. Following the completion of the transaction, the director directly owned 19,803 shares of the company’s stock, valued at $356,652.03. This trade represents a 28.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Alan E. Baratz sold 35,013 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, January 14th. The stock was 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 of the company’s stock, valued at $72,904,089. This represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 966,610 shares of company stock valued at $28,666,597 over the last three months. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Root Financial Partners LLC grew its holdings in shares of D-Wave Quantum by 388.0% during the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after buying an additional 776 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $28,000. EverSource Wealth Advisors LLC boosted its position in D-Wave Quantum by 267.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after acquiring an additional 838 shares during the last quarter. Mcguire Capital Advisors Inc. acquired a new stake in D-Wave Quantum during the fourth quarter worth approximately $31,000. Finally, Ancora Advisors LLC acquired a new stake in D-Wave Quantum during the third quarter worth approximately $30,000. 42.47% of the stock is currently owned by hedge funds and other 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.