D-Wave Quantum (NYSE:QBTS) Stock Price Down 3.5% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) traded down 3.5% on Wednesday . The stock traded as low as $17.87 and last traded at $18.28. 15,344,901 shares were traded during trading, a decline of 51% from the average session volume of 31,084,895 shares. The stock had previously closed at $18.95.

Analysts Set New Price Targets

A number of brokerages have issued reports on QBTS. Jefferies Financial Group reaffirmed a “buy” rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Cantor Fitzgerald reissued an “overweight” rating and set a $40.00 price target on shares of D-Wave Quantum in a research note on Wednesday, May 13th. Rosenblatt Securities restated a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a report on Thursday, June 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Finally, Northland Securities assumed coverage on shares of D-Wave Quantum in a report on Monday, April 20th. They issued a “market perform” rating and a $22.00 price objective for the company. Fourteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, D-Wave Quantum has an average rating of “Moderate Buy” and an average price target of $36.80.

D-Wave Quantum Stock Performance

The stock has a fifty day simple moving average of $23.61 and a two-hundred day simple moving average of $21.67. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41. The stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of -14.98 and a beta of 2.11.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03. The company had revenue of $2.86 million for the quarter, compared to analyst estimates of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The firm’s revenue for the quarter was down 80.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.02) EPS. Analysts forecast that D-Wave Quantum Inc. will post -0.42 earnings per share for the current fiscal year.

Insider Activity at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 687,627 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $26.13, for a total value of $17,967,693.51. Following the completion of the sale, the chief executive officer directly owned 3,299,771 shares of the company’s stock, valued at $86,223,016.23. The trade was a 17.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John M. Markovich sold 328,752 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $27.70, for a total value of $9,106,430.40. Following the completion of the sale, the chief financial officer directly owned 1,442,820 shares of the company’s stock, valued at $39,966,114. This trade represents a 18.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,363,842 shares of company stock worth $35,802,656 over the last ninety days. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently bought and sold shares of QBTS. Root Financial Partners LLC increased its position in shares of D-Wave Quantum by 388.0% during the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after acquiring an additional 776 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of D-Wave Quantum by 545.5% during the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock valued at $26,000 after buying an additional 1,511 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in D-Wave Quantum during the fourth quarter worth $28,000. PeakShares LLC bought a new position in D-Wave Quantum during the 1st quarter valued at $29,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of D-Wave Quantum by 267.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after acquiring an additional 838 shares in the last quarter. Institutional investors 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.