D-Wave Quantum (NYSE:QBTS) Shares Down 1.7% - What's Next?

Key Points

• D-Wave Quantum Inc. shares experienced a decline of 1.7%, trading between $15.46 and $15.66 with an average daily volume drop of 88%.
• Several analysts have provided mixed ratings, with a consensus of 11 "buy" ratings but with differing price targets, including B. Riley's increase to $22.00 and lowered expectations from Wall Street Zen.
• Despite a 40.9% increase in quarterly revenue to $3.10 million, D-Wave missed EPS estimates and reported a negative net margin of 1,263.92%.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) was down 1.7% on Friday . The stock traded as low as $15.46 and last traded at $15.66. Approximately 8,013,021 shares traded hands during trading, a decline of 88% from the average daily volume of 65,979,430 shares. The stock had previously closed at $15.92.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on QBTS shares. Wall Street Zen lowered D-Wave Quantum from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. B. Riley increased their price objective on D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Needham & Company LLC reissued a "buy" rating on shares of D-Wave Quantum in a report on Monday, August 4th. Canaccord Genuity Group started coverage on D-Wave Quantum in a report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 price objective for the company. Finally, Benchmark reissued a "buy" rating and set a $20.00 price objective on shares of D-Wave Quantum in a report on Monday, August 4th. Eleven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $19.27.

D-Wave Quantum Stock Up 0.1%

The stock has a fifty day moving average price of $16.62 and a 200 day moving average price of $12.12. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86. The stock has a market capitalization of $5.45 billion, a P/E ratio of -15.14 and a beta of 1.41.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The company had revenue of $3.10 million during the quarter, compared to the consensus estimate of $2.55 million. The firm's quarterly revenue was up 40.9% compared to the same quarter last year. On average, research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Activity at D-Wave Quantum

In related news, CFO John M. Markovich sold 100,000 shares of D-Wave Quantum stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $18.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the chief financial officer owned 1,558,753 shares of the company's stock, valued at approximately $28,057,554. This trade represents a 6.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rohit Ghai sold 43,517 shares of D-Wave Quantum stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the sale, the director directly owned 57,778 shares of the company's stock, valued at $970,670.40. This represents a 42.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 378,787 shares of company stock valued at $6,389,513 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of large investors have recently added to or reduced their stakes in the company. bLong Financial LLC raised its position in 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 purchasing an additional 551 shares in the last quarter. Capital Advisory Group Advisory Services LLC raised its position in D-Wave Quantum by 3.0% during the second quarter. Capital Advisory Group Advisory Services LLC now owns 22,167 shares of the company's stock valued at $325,000 after purchasing an additional 646 shares in the last quarter. Center for Financial Planning Inc. raised its position in D-Wave Quantum by 23.6% during the second quarter. Center for Financial Planning Inc. now owns 3,645 shares of the company's stock valued at $53,000 after purchasing an additional 695 shares in the last quarter. Citizens Financial Group Inc. RI raised its position 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 valued at $1,161,000 after purchasing an additional 1,081 shares in the last quarter. Finally, Baird Financial Group Inc. raised its position in D-Wave Quantum by 12.0% during 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 in 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.

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