D-Wave Quantum (NYSE:QBTS) Releases Quarterly Earnings Results

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 earnings results 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 business had revenue of $3.10 million during the quarter, compared to analysts' expectations of $2.55 million. D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. D-Wave Quantum's revenue was up 40.9% compared to the same quarter last year.

D-Wave Quantum Price Performance

Shares of D-Wave Quantum stock traded up $1.00 on Tuesday, hitting $18.37. The company had a trading volume of 35,521,636 shares, compared to its average volume of 68,866,594. D-Wave Quantum has a 52 week low of $0.80 and a 52 week high of $20.56. The company has a market cap of $5.37 billion, a PE ratio of -17.54 and a beta of 1.41. The business has a 50-day simple moving average of $16.71 and a 200-day simple moving average of $11.26. 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 at D-Wave Quantum

In related news, Director Kirstjen Nielsen sold 13,000 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $16.04, for a total value of $208,520.00. Following the completion of the sale, the director owned 119,673 shares in the company, valued at approximately $1,919,554.92. This represents a 9.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 400,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the completion of the sale, the chief financial officer owned 1,577,944 shares of the company's stock, valued at approximately $27,298,431.20. The trade was a 20.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,636,796 shares of company stock valued at $27,872,091. Corporate insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of QBTS. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in D-Wave Quantum during the 1st quarter valued at about $3,013,000. AQR Capital Management LLC grew its holdings in D-Wave Quantum by 201.0% during the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company's stock valued at $1,526,000 after purchasing an additional 134,066 shares during the period. Royal Bank of Canada lifted its stake in D-Wave Quantum by 59.8% in the first quarter. Royal Bank of Canada now owns 162,088 shares of the company's stock valued at $1,231,000 after buying an additional 60,668 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 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 valued at $825,000 after buying an additional 52,437 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of D-Wave Quantum by 125.7% in the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company's stock worth $333,000 after purchasing an additional 24,382 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on QBTS shares. Cantor Fitzgerald began coverage on shares of D-Wave Quantum in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price objective for the company. Benchmark reaffirmed a "buy" rating and issued a $20.00 target price on shares of D-Wave Quantum in a research note on Monday, August 4th. B. Riley upped their price target on shares of D-Wave Quantum from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Rosenblatt Securities assumed coverage on shares of D-Wave Quantum in a report on Tuesday, July 29th. They issued a "buy" rating and a $30.00 price objective on the stock. Finally, Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. One analyst has rated the stock with a sell rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target 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.