D-Wave Quantum (NYSE:QBTS) Stock Price Down 1.3% – Here’s Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 1.3% during trading on Monday . The stock traded as low as $13.78 and last traded at $14.1350. Approximately 14,200,451 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 28,624,213 shares. The stock had previously closed at $14.32.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on QBTS. Wedbush started coverage on shares of D-Wave Quantum in a research report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 target price for the company. Mizuho dropped their price objective on D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. TD Cowen initiated coverage on D-Wave Quantum in a research report on Thursday, February 12th. They issued a “buy” rating for the company. Zacks Research lowered D-Wave Quantum from a “hold” rating to a “strong sell” rating in a research note on Friday, March 6th. Finally, Jefferies Financial Group started coverage on D-Wave Quantum in a research report on Tuesday, December 16th. They set a “buy” rating and a $45.00 price target on the stock. Fourteen investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.50.

D-Wave Quantum Stock Down 1.3%

The company has a current ratio of 42.38, a quick ratio of 42.25 and a debt-to-equity ratio of 0.04. The firm has a market cap of $5.23 billion, a P/E ratio of -12.85 and a beta of 1.78. The stock’s fifty day moving average is $18.47 and its two-hundred day moving average is $25.04.

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

Insiders Place Their Bets

In related news, CEO Alan E. Baratz sold 35,013 shares of the business’s stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total transaction of $982,464.78. Following the completion of the transaction, the chief executive officer directly owned 2,598,150 shares in the company, valued at $72,904,089. The trade was a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $17.62, for a total value 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 72,898 shares of company stock worth $1,749,054 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in D-Wave Quantum by 41.2% in the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after buying an additional 11,218,255 shares in the last quarter. UBS Group AG raised its position in shares of D-Wave Quantum by 541.6% during the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after buying an additional 10,205,427 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of D-Wave Quantum by 11.5% during the 4th quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock worth $220,085,000 after acquiring an additional 866,405 shares during the last quarter. State Street Corp lifted its holdings in shares of D-Wave Quantum by 5.3% during the 4th quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after acquiring an additional 385,809 shares during the last quarter. Finally, Marex Group plc purchased a new position in D-Wave Quantum in the second quarter worth $80,070,000. 42.47% of the stock is 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.