D-Wave Quantum (NYSE:QBTS) Shares Down 5.6% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) fell 5.6% during mid-day trading on Monday . The stock traded as low as $24.97 and last traded at $25.27. 68,602,136 shares changed hands during trading, an increase of 6% from the average session volume of 64,851,969 shares. The stock had previously closed at $26.76.

Wall Street Analyst Weigh In

Several research firms recently issued reports on QBTS. Rosenblatt Securities began coverage on shares of D-Wave Quantum in a report on Tuesday, July 29th. They set a “buy” rating and a $30.00 price target for the company. Needham & Company LLC reissued a “buy” rating on shares of D-Wave Quantum in a report on Monday, August 4th. Roth Capital reissued a “buy” rating on shares of D-Wave Quantum in a report on Friday, June 13th. B. Riley increased their price target on shares of D-Wave Quantum from $22.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Finally, Wall Street Zen cut shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Eleven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $20.27.

D-Wave Quantum Price Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99. The company has a 50-day moving average of $18.33 and a 200-day moving average of $14.27. The stock has a market capitalization of $8.64 billion, a price-to-earnings ratio of -24.07 and a beta of 1.39.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The company had revenue of $3.10 million for the quarter, compared to analysts’ expectations of $2.55 million. D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.D-Wave Quantum’s revenue for the quarter was up 40.9% compared to the same quarter last year. As a group, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director John D. Dilullo sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $143,440.00. Following the transaction, the director owned 36,295 shares of the company’s stock, valued at approximately $650,769.35. This represents a 18.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $179,300.00. Following the transaction, the director directly owned 47,778 shares in the company, valued at $856,659.54. The trade was a 17.31% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 168,000 shares of company stock valued at $2,937,740. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently modified their holdings of the company. bLong Financial LLC lifted its stake in shares of D-Wave Quantum by 2.3% during the second quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock valued at $361,000 after buying an additional 551 shares during the period. Capital Advisory Group Advisory Services LLC boosted its position in shares of D-Wave Quantum by 3.0% in the second quarter. Capital Advisory Group Advisory Services LLC now owns 22,167 shares of the company’s stock worth $325,000 after acquiring an additional 646 shares during the last quarter. Center for Financial Planning Inc. boosted its position in shares of D-Wave Quantum by 23.6% in the second quarter. Center for Financial Planning Inc. now owns 3,645 shares of the company’s stock worth $53,000 after acquiring an additional 695 shares during the last quarter. Citizens Financial Group Inc. RI raised its stake in D-Wave Quantum by 1.4% during the second quarter. Citizens Financial Group Inc. RI now owns 79,327 shares of the company’s stock worth $1,161,000 after purchasing an additional 1,081 shares during the period. Finally, Baird Financial Group Inc. increased its holdings in shares of D-Wave Quantum by 12.0% during the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after buying an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.