D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.8% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price dropped 6.8% on Thursday . The company traded as low as $22.47 and last traded at $23.2640. Approximately 32,907,037 shares changed hands during trading, a decline of 17% from the average daily volume of 39,492,504 shares. The stock had previously closed at $24.97.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Evercore ISI assumed coverage on shares of D-Wave Quantum in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $44.00 target price on the stock. Cantor Fitzgerald increased their target price on D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $48.00 target price on shares of D-Wave Quantum in a research note on Thursday. Benchmark reaffirmed a “buy” rating and issued a $35.00 price target on shares of D-Wave Quantum in a research note on Friday, January 23rd. Finally, Jefferies Financial Group assumed coverage on D-Wave Quantum in a research note on Tuesday, December 16th. They set a “buy” rating and a $45.00 price objective for the company. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $38.21.

D-Wave Quantum Stock Down 8.7%

The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $7.43 billion, a P/E ratio of -15.71 and a beta of 1.57. The company has a 50 day simple moving average of $26.44 and a two-hundred day simple moving average of $24.67.

D-Wave Quantum (NYSE:QBTS) last released its quarterly 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 business had revenue of $3.74 million during the quarter, compared to analysts’ expectations 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 company’s quarterly revenue was up 105.6% compared to the same quarter last year. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Alan E. Baratz sold 35,013 shares of the business’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 in the company, valued at approximately $72,904,089. The trade was a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kirstjen Nielsen sold 7,000 shares of the business’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $22.62, for a total value of $158,340.00. Following the completion of the transaction, the director directly owned 112,673 shares of the company’s stock, valued at approximately $2,548,663.26. The trade was a 5.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,346,916 shares of company stock valued at $65,591,314 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its holdings in D-Wave Quantum by 34.6% in the third quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $46,000 after purchasing an additional 482 shares during the last quarter. Blue Bell Private Wealth Management LLC grew its stake in shares of D-Wave Quantum by 5.3% during the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 9,901 shares of the company’s stock worth $245,000 after purchasing an additional 500 shares during the period. Huntington National Bank lifted its stake in shares of D-Wave Quantum by 17.9% in the 3rd quarter. Huntington National Bank now owns 3,300 shares of the company’s stock valued at $82,000 after purchasing an additional 500 shares during the period. bLong Financial LLC grew its position in D-Wave Quantum by 2.3% during the second quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock valued at $361,000 after buying an additional 551 shares during the period. Finally, Sigma Planning Corp increased its holdings in D-Wave Quantum by 3.6% in the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock valued at $431,000 after buying an additional 560 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.