D-Wave Quantum (NYSE:QBTS) Shares Down 9.1% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares were down 9.1% during mid-day trading on Monday . The company traded as low as $23.57 and last traded at $23.7280. Approximately 29,676,139 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 61,121,949 shares. The stock had previously closed at $26.10.

Analysts Set New Price Targets

Several research analysts have recently commented on QBTS shares. Rosenblatt Securities lifted their price target on D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Jefferies Financial Group began coverage on shares of D-Wave Quantum in a research note on Tuesday. They set a “buy” rating and a $45.00 target price on the stock. Cantor Fitzgerald increased their price target on shares of D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Canaccord Genuity Group raised their price target on shares of D-Wave Quantum from $20.00 to $41.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Finally, B. Riley upped their price objective on D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Fifteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $32.13.

D-Wave Quantum Stock Performance

The stock has a market capitalization of $8.34 billion, a PE ratio of -17.64 and a beta of 1.58. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68. The firm’s 50 day moving average is $29.18 and its two-hundred day moving average is $22.19.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.02. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The firm had revenue of $3.74 million during the quarter, compared to analysts’ expectations of $3.03 million. D-Wave Quantum’s revenue was up 105.6% compared to the same quarter last year. As a group, research analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 168,102 shares of the company’s stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $23.17, for a total value of $3,894,923.34. Following the completion of the sale, the chief executive officer directly owned 2,633,163 shares of the company’s stock, valued at $61,010,386.71. This represents a 6.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Markovich sold 11,562 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $23.89, for a total value of $276,216.18. Following the transaction, the chief financial officer owned 1,471,312 shares in the company, valued at $35,149,643.68. This represents a 0.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,448,375 shares of company stock valued at $39,155,482 over the last quarter. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently modified their holdings of the company. Allworth Financial LP increased its holdings in shares of D-Wave Quantum by 40.7% in the 3rd quarter. Allworth Financial LP now owns 10,362 shares of the company’s stock valued at $256,000 after acquiring an additional 2,999 shares during the period. Swiss Life Asset Management Ltd acquired a new stake in D-Wave Quantum during the 3rd quarter worth $345,000. Strategic Advocates LLC grew its position in D-Wave Quantum by 6.5% during the 3rd quarter. Strategic Advocates LLC now owns 33,715 shares of the company’s stock worth $833,000 after purchasing an additional 2,050 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in D-Wave Quantum in the third quarter valued at $814,000. Finally, WBI Investments LLC purchased a new stake in shares of D-Wave Quantum in the third quarter valued at about $844,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.