D-Wave Quantum (NASDAQ:QBTS) Stock Price Down 3.6% – Here’s What Happened

D-Wave Quantum Inc. (NASDAQ:QBTS) fell 3.6% during trading on Monday. The company traded as low as $16.75 and last traded at $16.78. 13,716,663 shares were traded during trading, a decline of 49% from the average session volume of 27,129,072 shares. The stock had previously closed at $17.41.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on QBTS shares. Weiss Ratings upgraded shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 28th. Zacks Research lowered shares of D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Wedbush started coverage on shares of D-Wave Quantum in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price target on the stock. Rosenblatt Securities reissued a “buy” rating and set a $43.00 price objective on shares of D-Wave Quantum in a research note on Friday, August 7th. Finally, Jefferies Financial Group set a $40.00 price objective on D-Wave Quantum in a report on Friday, August 7th. 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $36.27.

D-Wave Quantum Price Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 20.42 and a current ratio of 20.55. The business’s fifty day simple moving average is $18.21 and its 200 day simple moving average is $19.87. The stock has a market cap of $6.21 billion, a price-to-earnings ratio of -23.63 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share 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 business had revenue of $3.08 million for the quarter, compared to analyst estimates of $4.03 million. During the same quarter last year, the business earned ($0.08) EPS. D-Wave Quantum’s revenue for the quarter was down 0.6 compared to the same quarter last year. Research analysts predict that D-Wave Quantum Inc. will post -0.46 EPS for the current fiscal year.

Insider Activity

In other news, VP Sophie Ames sold 3,070 shares of the stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $16.95, for a total transaction of $52,036.50. Following the transaction, the vice president owned 589,009 shares of the company’s stock, valued at approximately $9,983,702.55. This trade represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.30% of the company’s stock.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in D-Wave Quantum in the second quarter worth $795,206,000. Bank of America Corp DE bought a new stake in D-Wave Quantum during the second quarter valued at $104,183,000. Goldman Sachs Group Inc. raised its holdings in shares of D-Wave Quantum by 311.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,548,013 shares of the company’s stock worth $92,781,000 after purchasing an additional 2,685,980 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of D-Wave Quantum during the second quarter worth $54,951,000. Finally, Wellington Management Group LLP lifted its position in shares of D-Wave Quantum by 372.2% in the 2nd quarter. Wellington Management Group LLP now owns 1,820,070 shares of the company’s stock worth $43,663,000 after buying an additional 1,434,657 shares during the last quarter. 42.47% of the stock is owned by institutional investors.

About D-Wave Quantum

D-Wave Quantum Inc develops quantum computing systems, software, and services for commercial, government, and research customers. The company is best known for its quantum annealing technology, which is designed to help solve complex optimization problems involving areas such as logistics, scheduling, manufacturing, artificial intelligence, and financial modeling.

D-Wave also develops gate-model quantum computing technology and provides access to its systems through cloud-based services, including the Leap quantum application environment.