D-Wave Quantum (NYSE:QBTS) Trading Down 10.7% – Here’s What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded down 10.7% during mid-day trading on Tuesday . The company traded as low as $29.44 and last traded at $29.5480. 35,882,600 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 64,690,113 shares. The stock had previously closed at $33.09.

Wall Street Analyst Weigh In

QBTS has been the topic of a number of research reports. Wall Street Zen downgraded D-Wave Quantum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Piper Sandler raised their price target on D-Wave Quantum from $13.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. B. Riley raised their price target on D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Zacks Research downgraded D-Wave Quantum from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. Finally, Needham & Company LLC restated a “buy” rating on shares of D-Wave Quantum in a research report on Monday, August 4th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, D-Wave Quantum has a consensus rating of “Moderate Buy” and an average price target of $20.27.

D-Wave Quantum Stock Down 10.7%

The stock has a 50 day moving average price of $26.97 and a 200-day moving average price of $19.09. The stock has a market capitalization of $10.11 billion, a P/E ratio of -28.14 and a beta of 1.53. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. The company had revenue of $3.10 million for the quarter, compared to the consensus estimate of $2.55 million. The firm’s quarterly revenue was up 40.9% compared to the same quarter last year. As a group, research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $143,440.00. Following the transaction, the director directly owned 36,295 shares of the company’s stock, valued at approximately $650,769.35. This trade represents a 18.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $179,300.00. Following the completion of the sale, the director directly owned 47,778 shares in the company, valued at $856,659.54. The trade was a 17.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 207,363 shares of company stock valued at $4,659,478 over the last three months. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Several large investors have recently modified their holdings of QBTS. Marex Group plc bought a new stake in shares of D-Wave Quantum in the second quarter worth about $80,070,000. Vanguard Group Inc. grew its stake in shares of D-Wave Quantum by 58.5% in the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock worth $85,766,000 after purchasing an additional 4,166,721 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of D-Wave Quantum in the second quarter worth about $45,372,000. UNICOM Systems Inc. boosted its position in D-Wave Quantum by 91.9% during the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company’s stock valued at $35,171,000 after acquiring an additional 2,216,000 shares in the last quarter. Finally, State Street Corp boosted its position in D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock valued at $97,333,000 after acquiring an additional 1,941,762 shares in the last quarter. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Company Profile

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.