D-Wave Quantum (NYSE:QBTS) Shares Down 4.3% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded down 4.3% on Thursday . The company traded as low as $18.45 and last traded at $18.80. 23,562,002 shares were traded during trading, a decline of 35% from the average session volume of 35,973,066 shares. The stock had previously closed at $19.64.

Wall Street Analyst Weigh In

A number of brokerages recently commented on QBTS. Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Monday, December 29th. TD Cowen assumed coverage on D-Wave Quantum in a research report on Thursday. They set a “buy” rating for the company. Jefferies Financial Group assumed coverage on shares of D-Wave Quantum in a report on Tuesday, December 16th. They issued a “buy” rating and a $45.00 target price for the company. Williams Trading set a $35.00 price target on shares of D-Wave Quantum in a research note on Monday, November 10th. Finally, Evercore started coverage on shares of D-Wave Quantum in a research note on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 price objective for the company. Fourteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.21.

D-Wave Quantum Trading Up 4.9%

The company’s 50 day moving average price is $25.69 and its two-hundred day moving average price is $24.78. The firm has a market cap of $7.30 billion, a PE ratio of -14.62 and a beta of 1.56. The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05.

Insider Activity

In related news, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $27.36, for a total transaction of $218,880.00. Following the completion of the sale, the director directly owned 27,803 shares of the company’s stock, valued at approximately $760,690.08. This trade represents a 22.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rohit Ghai sold 10,000 shares of the stock in a transaction on Monday, December 15th. The stock was sold at an average price of $24.28, for a total value of $242,800.00. Following the completion of the sale, the director owned 37,778 shares in the company, valued at approximately $917,249.84. The trade was a 20.93% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,274,466 shares of company stock valued at $36,146,806. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of institutional investors have recently modified their holdings of QBTS. Vanguard Group Inc. lifted its position in D-Wave Quantum by 41.2% during the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after acquiring an additional 11,218,255 shares during the last quarter. UBS Group AG lifted its holdings in shares of D-Wave Quantum by 541.6% during the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after purchasing an additional 10,205,427 shares during the last quarter. Marex Group plc acquired a new stake in shares of D-Wave Quantum in the 2nd quarter worth $80,070,000. Northwestern Mutual Wealth Management Co. grew its stake in D-Wave Quantum by 136,842.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company’s stock worth $83,546,000 after buying an additional 3,192,533 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in D-Wave Quantum during the 2nd quarter valued at about $45,372,000. 42.47% of the stock is currently 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.