D-Wave Quantum (NYSE:QBTS) Posts Earnings Results, Misses Expectations By $0.03 EPS

Key Points

• D-Wave Quantum reported an EPS of ($0.08), missing analysts' estimates by ($0.03), despite achieving revenue of $3.10 million, exceeding expectations of $2.55 million.
• The company's stock traded down to $16.84, with a market capitalization of $4.92 billion, amidst high trading volume.
• CEO Alan E. Baratz sold 845,813 shares of stock valued at approximately $14.4 million, resulting in a significant decrease in his ownership.

D-Wave Quantum (NYSE:QBTS - Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.03), Briefing.com reports. The company had revenue of $3.10 million for the quarter, compared to analyst estimates 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%. The company's quarterly revenue was up 40.9% compared to the same quarter last year.

D-Wave Quantum Stock Down 1.9%

D-Wave Quantum stock traded down $0.33 during trading on Friday, reaching $16.84. The company had a trading volume of 44,485,820 shares, compared to its average volume of 48,016,740. The firm's 50-day simple moving average is $16.71 and its 200 day simple moving average is $11.14. D-Wave Quantum has a 1-year low of $0.78 and a 1-year high of $20.56. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86.

Insider Buying and Selling

In related news, Director John D. Dilullo sold 15,000 shares of D-Wave Quantum stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $16.40, for a total value of $246,000.00. Following the sale, the director directly owned 44,295 shares in the company, valued at approximately $726,438. The trade was a 25.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Kirstjen Nielsen sold 13,000 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.04, for a total value of $208,520.00. Following the completion of the sale, the director directly owned 119,673 shares of the company's stock, valued at $1,919,554.92. This trade represents a 9.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,636,796 shares of company stock worth $27,872,091 in the last quarter. 3.20% of the stock is owned by insiders.

Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baird Financial Group Inc. raised its position in D-Wave Quantum by 12.0% in the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock valued at $92,000 after purchasing an additional 1,300 shares during the period. Strs Ohio purchased a new stake in D-Wave Quantum in the first quarter valued at approximately $139,000. Focus Partners Wealth raised its position in D-Wave Quantum by 86.5% in the first quarter. Focus Partners Wealth now owns 42,947 shares of the company's stock valued at $326,000 after purchasing an additional 19,922 shares during the period. NewEdge Advisors LLC raised its position in D-Wave Quantum by 125.7% in the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company's stock valued at $333,000 after purchasing an additional 24,382 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of D-Wave Quantum by 93.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company's stock worth $825,000 after acquiring an additional 52,437 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Wall Street Zen downgraded shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a report on Saturday. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Benchmark reiterated a "buy" rating and set a $20.00 price objective on shares of D-Wave Quantum in a research note on Monday, August 4th. Needham & Company LLC reiterated a "buy" rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Finally, Williams Trading set a $20.00 price objective on D-Wave Quantum in a research note on Wednesday, June 18th. One research analyst has rated the stock with a sell rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $19.27.

About D-Wave Quantum

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.