D-Wave Quantum (NYSE:QBTS) Trading Down 6.8% – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 6.8% during mid-day trading on Monday . The company traded as low as $12.75 and last traded at $12.9610. Approximately 23,098,744 shares changed hands during trading, a decline of 21% from the average daily volume of 29,175,865 shares. The stock had previously closed at $13.90.

Analyst Upgrades and Downgrades

QBTS has been the subject of a number of recent analyst reports. TD Cowen started coverage on D-Wave Quantum in a report on Thursday, February 12th. They set a “buy” rating for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of D-Wave Quantum in a research report on Friday. Jefferies Financial Group started coverage on shares of D-Wave Quantum in a research note on Tuesday, December 16th. They set a “buy” rating and a $45.00 target price for the company. Benchmark restated a “buy” rating and issued a $35.00 price target on shares of D-Wave Quantum in a report on Friday, January 23rd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a research note on Wednesday, January 28th. Fourteen research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, D-Wave Quantum presently has an average rating of “Moderate Buy” and an average price target of $36.50.

D-Wave Quantum Stock Down 6.8%

The stock has a market cap of $4.79 billion, a PE ratio of -11.78 and a beta of 1.61. The business has a fifty day moving average of $19.78 and a 200-day moving average of $25.21. The company has a debt-to-equity ratio of 0.04, a current ratio of 42.38 and a quick ratio of 42.25.

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

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 35,013 shares of the firm’s stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total transaction of $982,464.78. Following the transaction, the chief executive officer owned 2,598,150 shares of the company’s stock, valued at approximately $72,904,089. This trade represents a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John M. Markovich sold 10,706 shares of D-Wave Quantum stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $17.63, for a total transaction of $188,746.78. Following the transaction, the chief financial officer directly owned 1,451,427 shares in the company, valued at approximately $25,588,658.01. The trade was a 0.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 72,898 shares of company stock worth $1,749,054. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently made changes to their positions in the stock. Baird Financial Group Inc. boosted its position in D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock valued at $92,000 after purchasing an additional 1,300 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of D-Wave Quantum by 59.8% in the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock valued at $1,231,000 after buying an additional 60,668 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 201.0% in the 1st quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock valued at $1,526,000 after buying an additional 134,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of D-Wave Quantum by 93.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock worth $825,000 after buying an additional 52,437 shares during the last quarter. Finally, NewEdge Advisors LLC grew its position in shares of D-Wave Quantum by 125.7% in the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after buying an additional 24,382 shares during the last quarter. 42.47% of the stock is currently owned by hedge funds and other 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.