D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.6% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) traded down 6.6% during mid-day trading on Monday . The company traded as low as $18.33 and last traded at $19.0060. 24,526,094 shares changed hands during trading, a decline of 17% from the average session volume of 29,570,818 shares. The stock had previously closed at $20.35.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $43.00 price objective on shares of D-Wave Quantum in a report on Wednesday, May 13th. Mizuho cut their price target on shares of D-Wave Quantum from $31.00 to $29.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Jefferies Financial Group restated a “buy” rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Benchmark restated a “buy” rating and set a $35.00 price target on shares of D-Wave Quantum in a report on Friday, January 23rd. Finally, Canaccord Genuity Group cut their price target on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating on the stock in a report on Wednesday, May 13th. Fourteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.67.

D-Wave Quantum Trading Up 6.3%

The firm has a market capitalization of $7.15 billion, a PE ratio of -17.11 and a beta of 1.95. The firm’s fifty day moving average is $18.05 and its two-hundred day moving average is $22.35. The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. The business had revenue of $2.86 million for the quarter, compared to analyst estimates of $4.19 million. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The company’s revenue for the quarter was down 80.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.44 EPS for the current fiscal year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $17.62, for a total value of $176,200.00. Following the sale, the director owned 27,778 shares of the company’s stock, valued at approximately $489,448.36. The trade was a 26.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $18.01, for a total transaction of $144,080.00. Following the completion of the sale, the director directly owned 19,803 shares in the company, valued at approximately $356,652.03. This represents a 28.77% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 31,776 shares of company stock worth $574,571. Insiders own 3.20% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several hedge funds have recently added to or reduced their stakes in the stock. Mutual Advisors LLC bought a new stake in shares of D-Wave Quantum in the third quarter valued at approximately $1,069,000. Federated Hermes Inc. raised its position in shares of D-Wave Quantum by 259,560.6% in the third quarter. Federated Hermes Inc. now owns 184,359 shares of the company’s stock valued at $4,556,000 after purchasing an additional 184,288 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of D-Wave Quantum by 370.9% in the third quarter. Caitong International Asset Management Co. Ltd now owns 96,248 shares of the company’s stock valued at $2,378,000 after purchasing an additional 75,807 shares during the period. SG Americas Securities LLC raised its position in shares of D-Wave Quantum by 254.7% in the fourth quarter. SG Americas Securities LLC now owns 2,272,020 shares of the company’s stock valued at $59,413,000 after purchasing an additional 1,631,415 shares during the period. Finally, Jones Financial Companies Lllp raised its position in shares of D-Wave Quantum by 61.2% in the third quarter. Jones Financial Companies Lllp now owns 104,661 shares of the company’s stock valued at $2,801,000 after purchasing an additional 39,751 shares during the period. 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.