D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.2% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded down 2.2% on Wednesday . The company traded as low as $20.13 and last traded at $20.5870. 15,483,214 shares changed hands during trading, a decline of 51% from the average daily volume of 31,680,391 shares. The stock had previously closed at $21.06.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on QBTS. Stifel Nicolaus set a $35.00 price target on D-Wave Quantum in a research report on Tuesday, June 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. Canaccord Genuity Group reduced their price objective on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating on the stock in a research note on Wednesday, May 13th. B. Riley Financial raised their target price on shares of D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, Mizuho boosted their target price on shares of D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a research report on Monday, June 15th. 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.80.

D-Wave Quantum Stock Performance

The company has a 50 day moving average price of $23.78 and a 200-day moving average price of $22.08. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03. The company has a market cap of $7.62 billion, a P/E ratio of -18.22 and a beta of 2.11.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. The business had revenue of $2.86 million during the quarter, compared to the consensus estimate 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%.D-Wave Quantum’s revenue for the quarter was down 80.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.02) EPS. On average, equities analysts expect that D-Wave Quantum Inc. will post -0.43 earnings per share for the current fiscal year.

Insider Transactions at D-Wave Quantum

In related news, CFO John M. Markovich sold 328,752 shares of the company’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 transaction of $9,106,430.40. Following the completion of the transaction, the chief financial officer directly owned 1,442,820 shares in the company, valued at $39,966,114. This represents a 18.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rohit Ghai sold 13,518 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $26.41, for a total transaction of $357,010.38. Following the completion of the transaction, the director directly owned 23,617 shares of the company’s stock, valued at approximately $623,724.97. The trade was a 36.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 1,363,842 shares of company stock valued at $35,802,656. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Castle Rock Wealth Management LLC bought a new position in shares of D-Wave Quantum in the 2nd quarter valued at $213,000. Evanson Financial LLC bought a new stake in D-Wave Quantum during the 2nd quarter worth $214,000. GAMMA Investing LLC increased its holdings in D-Wave Quantum by 32.8% in the 2nd quarter. GAMMA Investing LLC now owns 3,224 shares of the company’s stock worth $77,000 after purchasing an additional 796 shares in the last quarter. CoreCap Advisors LLC increased its holdings in D-Wave Quantum by 9.2% in the 2nd quarter. CoreCap Advisors LLC now owns 6,115 shares of the company’s stock worth $147,000 after purchasing an additional 515 shares in the last quarter. Finally, Anderson Hoagland & Co. bought a new position in D-Wave Quantum in the second quarter valued at about $1,537,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Company Profile

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.