D-Wave Quantum (NYSE:QBTS) Shares Down 3.9% – Here’s Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded down 3.9% during trading on Wednesday . The stock traded as low as $24.74 and last traded at $25.9930. 44,156,250 shares changed hands during mid-day trading, an increase of 7% from the average session volume of 41,278,031 shares. The stock had previously closed at $27.04.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on QBTS. Cantor Fitzgerald raised their price objective on D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Wall Street Zen upgraded D-Wave Quantum from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Roth Mkm set a $40.00 price objective on D-Wave Quantum in a research note on Thursday, November 6th. Williams Trading set a $35.00 price objective on D-Wave Quantum in a report on Monday, November 10th. Finally, Mizuho assumed coverage on shares of D-Wave Quantum in a report on Thursday, December 11th. They issued an “outperform” rating and a $46.00 target price for the company. Thirteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $35.36.

D-Wave Quantum Price Performance

The firm has a market capitalization of $9.10 billion, a P/E ratio of -19.25 and a beta of 1.57. The firm has a 50 day moving average price of $26.17 and a 200-day moving average price of $24.31. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.02. The firm 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%.The business’s quarterly revenue was up 105.6% on a year-over-year basis. On average, analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 35,013 shares of the firm’s stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total value of $982,464.78. Following the completion of the sale, the chief executive officer owned 2,598,150 shares of the company’s stock, valued at $72,904,089. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $24.28, for a total value of $242,800.00. Following the transaction, the director owned 37,778 shares of the company’s stock, valued at $917,249.84. This trade represents a 20.93% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 2,346,916 shares of company stock worth $65,591,314. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently modified their holdings of the business. Atlantic Union Bankshares Corp purchased a new position in D-Wave Quantum during the 2nd quarter valued at $29,000. Ancora Advisors LLC purchased a new stake in D-Wave Quantum in the third quarter worth $30,000. Financial Consulate Inc. bought a new stake in shares of D-Wave Quantum during the third quarter worth $31,000. Parallel Advisors LLC boosted its stake in shares of D-Wave Quantum by 227.3% during the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock valued at $32,000 after purchasing an additional 1,532 shares during the period. Finally, Gables Capital Management Inc. purchased a new stake in shares of D-Wave Quantum during the second quarter valued at $37,000. 42.47% of the stock is owned by institutional investors.

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.