D-Wave Quantum (NYSE:QBTS) Shares Down 2.4% – Here’s What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS) fell 2.4% during trading on Tuesday . The company traded as low as $15.43 and last traded at $15.9140. 17,946,049 shares changed hands during trading, a decline of 40% from the average session volume of 29,881,506 shares. The stock had previously closed at $16.31.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on QBTS shares. Evercore assumed coverage on D-Wave Quantum in a research report on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 target price on the stock. 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 target for the company. Zacks Research downgraded D-Wave Quantum from a “hold” rating to a “strong sell” rating in a report on Friday, March 6th. Needham & Company LLC reduced their price objective on D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a research report on Monday, December 29th. Fourteen equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.50.

D-Wave Quantum Trading Down 2.4%

The firm has a fifty day moving average of $20.90 and a 200 day moving average of $25.22. The firm has a market capitalization of $5.89 billion, a PE ratio of -14.47 and a beta of 1.61. The company has a debt-to-equity ratio of 0.04, a quick ratio of 42.25 and a current ratio of 42.38.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). The company had revenue of $2.75 million during the quarter, compared to analysts’ expectations of $3.74 million. D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The business’s revenue was up 21.7% on a year-over-year basis. Equities research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity

In other D-Wave Quantum news, CFO John M. Markovich sold 10,706 shares of the business’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $17.63, for a total value of $188,746.78. Following the transaction, the chief financial officer owned 1,451,427 shares in the company, valued at $25,588,658.01. The trade was a 0.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $17.62, for a total transaction of $176,200.00. Following the completion of the transaction, the director owned 27,778 shares in the company, valued at $489,448.36. This represents a 26.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 72,898 shares of company stock valued at $1,749,054 over the last ninety days. 3.20% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

Large investors have recently modified their holdings of the business. Hsbc Holdings PLC grew its stake in D-Wave Quantum by 78.0% during the 4th quarter. Hsbc Holdings PLC now owns 17,182 shares of the company’s stock valued at $452,000 after purchasing an additional 7,530 shares in the last quarter. World Investment Advisors increased its holdings in D-Wave Quantum by 195.7% during the 4th quarter. World Investment Advisors now owns 41,691 shares of the company’s stock worth $1,090,000 after purchasing an additional 27,592 shares during the last quarter. Corient Private Wealth LLC raised its position in shares of D-Wave Quantum by 25.8% in the 4th quarter. Corient Private Wealth LLC now owns 30,797 shares of the company’s stock valued at $805,000 after purchasing an additional 6,319 shares in the last quarter. Tulsa Wealth Advisors INC acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $248,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of D-Wave Quantum by 16.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 111,923 shares of the company’s stock valued at $2,927,000 after buying an additional 15,675 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.