D-Wave Quantum (NYSE:QBTS) Stock Price Down 5.7% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) shares fell 5.7% during mid-day trading on Monday . The stock traded as low as $21.32 and last traded at $21.3890. 17,002,357 shares were traded during trading, a decline of 73% from the average session volume of 62,318,309 shares. The stock had previously closed at $22.67.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Roth Capital set a $40.00 price objective on shares of D-Wave Quantum in a research note on Thursday, November 6th. Needham & Company LLC reaffirmed a “buy” rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Cantor Fitzgerald boosted their target price 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. B. Riley raised their price objective on D-Wave Quantum from $22.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Finally, Piper Sandler raised their price target on D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. Eleven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.67.

D-Wave Quantum Price Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49. The firm has a market cap of $7.49 billion, a price-to-earnings ratio of -15.84 and a beta of 1.58. The business’s 50-day moving average price is $29.79 and its two-hundred day moving average price is $21.35.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data 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 business had revenue of $3.74 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 105.6% on a year-over-year basis. On average, research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, Director John D. Dilullo sold 8,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $143,440.00. Following the sale, the director owned 36,295 shares of the company’s stock, valued at $650,769.35. This represents a 18.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 806,288 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $28.87, for a total transaction of $23,277,534.56. Following the completion of the transaction, the chief executive officer owned 2,801,265 shares in the company, valued at $80,872,520.55. This represents a 22.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,379,813 shares of company stock valued at $36,891,986 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in QBTS. Victory Capital Management Inc. boosted its position in D-Wave Quantum by 5.8% in the first quarter. Victory Capital Management Inc. now owns 31,097 shares of the company’s stock valued at $236,000 after buying an additional 1,698 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of D-Wave Quantum by 698.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,949 shares of the company’s stock valued at $760,000 after purchasing an additional 87,435 shares during the last quarter. Mackenzie Financial Corp bought a new position in shares of D-Wave Quantum during the 1st quarter valued at approximately $85,000. XTX Topco Ltd lifted its position in shares of D-Wave Quantum by 3.4% during the 1st quarter. XTX Topco Ltd now owns 65,799 shares of the company’s stock valued at $500,000 after buying an additional 2,159 shares during the last quarter. Finally, Arkadios Wealth Advisors boosted its holdings in shares of D-Wave Quantum by 475.8% in the first quarter. Arkadios Wealth Advisors now owns 110,821 shares of the company’s stock worth $842,000 after acquiring an additional 91,576 shares during the period. 42.47% of the stock is currently owned by institutional investors.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.