D-Wave Quantum (NYSE:QBTS) Shares Down 6.2% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) was down 6.2% during trading on Wednesday . The stock traded as low as $18.78 and last traded at $20.07. Approximately 31,949,600 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 38,018,438 shares. The stock had previously closed at $21.40.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on QBTS shares. Williams Trading set a $35.00 price target on D-Wave Quantum in a report on Monday, November 10th. Cantor Fitzgerald upped their target price on shares of D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Mizuho began coverage on shares of D-Wave Quantum in a research report on Thursday, December 11th. They set an “outperform” rating and a $46.00 price target for the company. Jefferies Financial Group initiated coverage on shares of 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. Finally, Canaccord Genuity Group set a $43.00 price objective on shares of D-Wave Quantum in a research note on Thursday, January 29th. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.21.

D-Wave Quantum Trading Down 6.2%

The company has a market capitalization of $7.42 billion, a P/E ratio of -14.87 and a beta of 1.56. The business has a 50 day moving average price of $26.38 and a 200 day moving average price of $24.81. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. The firm had revenue of $3.74 million during the quarter, compared to analysts’ expectations of $3.03 million. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The business’s quarterly revenue was up 105.6% on a year-over-year basis. Analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Alan E. Baratz sold 35,013 shares of the firm’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 sale, the chief executive officer owned 2,598,150 shares of the company’s stock, valued at $72,904,089. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kirstjen Nielsen sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $22.62, for a total value of $158,340.00. Following the completion of the transaction, the director owned 112,673 shares of the company’s stock, valued at $2,548,663.26. This represents a 5.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 2,346,916 shares of company stock worth $65,591,314 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of QBTS. Baird Financial Group Inc. increased its position in shares of D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after acquiring an additional 1,300 shares in the last quarter. Royal Bank of Canada increased its holdings in D-Wave Quantum by 59.8% during the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock worth $1,231,000 after purchasing an additional 60,668 shares in the last quarter. AQR Capital Management LLC raised its stake 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 purchasing an additional 134,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of D-Wave Quantum by 93.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock valued at $825,000 after purchasing an additional 52,437 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of D-Wave Quantum by 125.7% during the first 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 period. 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.