D-Wave Quantum (NYSE:QBTS) Trading Down 7.3% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded down 7.3% during mid-day trading on Thursday . The company traded as low as $16.81 and last traded at $16.93. Approximately 18,727,693 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 30,993,070 shares. The stock had previously closed at $18.27.

Analyst Ratings Changes

QBTS has been the topic of several recent research reports. Roth Capital upped their price target on D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Stifel Nicolaus set a $35.00 price objective on D-Wave Quantum in a research note on Tuesday, June 2nd. Jefferies Financial Group reissued a “buy” rating on shares of D-Wave Quantum in a research report on Tuesday, May 12th. Canaccord Genuity Group reduced their target price 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $40.00 target price on shares of D-Wave Quantum in a report on Wednesday, May 13th. Fourteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.80.

D-Wave Quantum Trading Down 7.3%

The stock has a market cap of $6.26 billion, a price-to-earnings ratio of -14.98 and a beta of 2.11. The business’s 50 day moving average is $23.72 and its 200 day moving average is $21.73. 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 posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The company had revenue of $2.86 million for the quarter, compared to analysts’ expectations of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.D-Wave Quantum’s quarterly revenue was down 80.9% on a year-over-year basis. During the same period last year, the firm earned ($0.02) earnings per share. As a group, equities analysts expect that D-Wave Quantum Inc. will post -0.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, Director Rohit Ghai sold 13,518 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $26.41, for a total value of $357,010.38. Following the transaction, the director directly owned 23,617 shares in the company, valued at $623,724.97. This represents a 36.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan E. Baratz sold 687,627 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the sale, the chief executive officer directly owned 3,299,771 shares in the company, valued at approximately $86,223,016.23. The trade was a 17.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,363,842 shares of company stock valued at $35,802,656 over the last three months. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

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

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.