D-Wave Quantum (NASDAQ:QBTS) Stock Price Down 3.8% – What’s Next?

D-Wave Quantum Inc. (NASDAQ:QBTS)’s stock price dropped 3.8% on Tuesday . The stock traded as low as $16.39 and last traded at $16.54. 11,764,899 shares changed hands during trading, a decline of 58% from the average session volume of 28,302,162 shares. The stock had previously closed at $17.20.

Analysts Set New Price Targets

QBTS has been the topic of several research reports. B. Riley Financial raised their target price on D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Jefferies Financial Group set a $40.00 price objective on shares of D-Wave Quantum in a report on Friday, August 7th. Weiss Ratings raised D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday. Benchmark started coverage on shares of D-Wave Quantum in a research note on Monday, July 27th. They set a “buy” rating and a $30.00 price objective for the company. Finally, Rosenblatt Securities restated a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a report on Friday, August 7th. Thirteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, D-Wave Quantum has a consensus rating of “Moderate Buy” and an average target price of $36.27.

D-Wave Quantum Stock Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42. The company has a fifty day moving average of $19.84 and a 200 day moving average of $20.14. The stock has a market cap of $6.12 billion, a P/E ratio of -23.30 and a beta of 2.15.

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

Insider Buying and Selling

In related news, Director John D. Dilullo sold 7,850 shares of D-Wave Quantum stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $24.43, for a total transaction of $191,775.50. Following the completion of the transaction, the director directly owned 21,310 shares of the company’s stock, valued at $520,603.30. This trade represents a 26.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 200,000 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $25.71, for a total transaction of $5,142,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,142,820 shares of the company’s stock, valued at approximately $29,381,902.20. This represents a 14.89% decrease in their ownership of the stock. 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. In the last three months, insiders have sold 1,009,157 shares of company stock worth $26,155,555. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently bought and sold shares of the company. Fiduciary Financial Advisors purchased a new stake in D-Wave Quantum during the second quarter worth about $25,000. Root Financial Partners LLC lifted its position in D-Wave Quantum by 388.0% in the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after buying an additional 776 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of D-Wave Quantum by 545.5% in the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock worth $26,000 after buying an additional 1,511 shares during the period. Kemnay Advisory Services Inc. bought a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $28,000. Finally, PeakShares LLC bought a new position in D-Wave Quantum during the 1st quarter valued at approximately $29,000. 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.