D-Wave Quantum (NASDAQ:QBTS) Stock Price Down 5.1% – Here’s What Happened

D-Wave Quantum Inc. (NASDAQ:QBTS) dropped 5.1% during trading on Friday . The company traded as low as $16.67 and last traded at $16.99. Approximately 18,077,892 shares were traded during trading, a decline of 37% from the average session volume of 28,503,023 shares. The stock had previously closed at $17.90.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Canaccord Genuity Group set a $35.00 target price on D-Wave Quantum in a research note on Thursday, August 6th. Wall Street Zen raised shares of D-Wave Quantum from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Roth Capital reiterated a “buy” rating and issued a $30.00 target price on shares of D-Wave Quantum in a research report on Thursday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Finally, Benchmark started coverage on shares of D-Wave Quantum in a research report on Monday, July 27th. They issued a “buy” rating and a $30.00 price target on the stock. Thirteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.27.

D-Wave Quantum Stock Performance

The firm has a market cap of $6.28 billion, a price-to-earnings ratio of -23.93 and a beta of 2.15. The stock’s fifty day moving average is $20.13 and its two-hundred day moving average is $20.19. The company has a debt-to-equity ratio of 0.03, a quick ratio of 20.42 and a current ratio of 20.55.

D-Wave Quantum (NASDAQ:QBTS) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $3.08 million during the quarter, compared to analyst estimates of $4.03 million. D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. D-Wave Quantum’s revenue for the quarter was down 0.6 compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.08) EPS. On average, analysts expect that D-Wave Quantum Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John D. Dilullo sold 7,850 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $24.43, for a total value of $191,775.50. Following the completion of the transaction, the director directly owned 21,310 shares in the company, valued at $520,603.30. This trade represents a 26.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $25.71, for a total transaction of $5,142,000.00. Following the transaction, the chief financial officer owned 1,142,820 shares in the company, valued at $29,381,902.20. This represents a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,012,065 shares of company stock worth $26,245,703 in the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of D-Wave Quantum during the 2nd quarter valued at $795,206,000. UBS Group AG grew its holdings in D-Wave Quantum by 541.6% during the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after acquiring an additional 10,205,427 shares during the period. California State Teachers Retirement System grew its holdings in D-Wave Quantum by 2,336.6% during the second quarter. California State Teachers Retirement System now owns 9,922,576 shares of the company’s stock worth $238,043,000 after acquiring an additional 9,515,341 shares during the period. Bank of America Corp DE bought a new stake in D-Wave Quantum in the second quarter worth about $104,183,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in D-Wave Quantum by 136,842.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company’s stock valued at $83,546,000 after acquiring an additional 3,192,533 shares during the last quarter. 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.