D-Wave Quantum (NASDAQ:QBTS) Stock Price Down 5.1% – Here’s What Happened

D-Wave Quantum Inc. (NASDAQ:QBTS) fell 5.1% on Friday . The stock traded as low as $16.67 and last traded at $16.99. Approximately 18,077,892 shares changed hands during trading, a decline of 37% from the average daily volume of 28,503,023 shares. The stock had previously closed at $17.90.

Analyst Ratings Changes

A number of equities analysts have commented on QBTS shares. Canaccord Genuity Group set a $35.00 price objective on shares of D-Wave Quantum in a research report on Thursday, August 6th. Roth Capital reaffirmed a “buy” rating and set a $30.00 price target on shares of D-Wave Quantum in a research note on Thursday, August 6th. Zacks Research downgraded shares of D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Benchmark began coverage on D-Wave Quantum in a research note on Monday, July 27th. They issued a “buy” rating and a $30.00 price objective for the company. Finally, Weiss Ratings downgraded shares of D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Thirteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $36.27.

D-Wave Quantum Stock Down 5.1%

The firm has a market cap of $6.28 billion, a price-to-earnings ratio of -23.93 and a beta of 2.15. The firm has a fifty day moving average price of $20.13 and a 200-day moving average price of $20.19. The company has a quick ratio of 20.42, a current ratio of 20.55 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NASDAQ:QBTS) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The company had revenue of $3.08 million for the quarter, compared to analyst estimates of $4.03 million. During the same period in the prior year, the company earned ($0.08) EPS. The company’s revenue was down 0.6 compared to the same quarter last year. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.46 EPS for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 687,627 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer owned 3,299,771 shares of the company’s stock, valued at approximately $86,223,016.23. The trade was a 17.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John D. Dilullo sold 7,850 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $24.43, for a total value of $191,775.50. Following the sale, the director owned 21,310 shares of the company’s stock, valued at $520,603.30. This represents a 26.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,012,065 shares of company stock valued at $26,245,703 in the last ninety days. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently bought and sold shares of the business. Baird Financial Group Inc. lifted its holdings in shares of D-Wave Quantum by 12.0% during the 1st 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 in the last quarter. Royal Bank of Canada lifted its stake in shares of D-Wave Quantum by 59.8% during the first quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock worth $1,231,000 after purchasing an additional 60,668 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of D-Wave Quantum by 201.0% in the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock worth $1,526,000 after buying an additional 134,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of D-Wave Quantum by 93.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock valued at $825,000 after buying an additional 52,437 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings 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 valued at $333,000 after buying an additional 24,382 shares during the period. 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.