D-Wave Quantum (NYSE:QBTS) Shares Down 1.8% - Here's Why

Key Points

• D-Wave Quantum's shares fell by 1.8%, trading between $14.57 and $14.79, with an average trading volume decline of 88% compared to its usual session volume.
• Despite the recent drop, the stock has been rated with a consensus "Buy" by analysts, with price targets ranging from $20.00 to $26.00.
• During the last quarter, D-Wave reported earnings of ($0.08) per share, missing estimates, but achieved a revenue of $3.10 million, a 40.9% increase year-over-year.

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded down 1.8% during mid-day trading on Thursday . The stock traded as low as $14.57 and last traded at $14.79. 7,766,862 shares traded hands during trading, a decline of 88% from the average session volume of 67,463,953 shares. The stock had previously closed at $15.06.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. B. Riley raised their price objective 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. Wall Street Zen downgraded shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Stifel Nicolaus assumed coverage on shares of D-Wave Quantum in a research report on Tuesday, August 5th. They set a "buy" rating and a $26.00 price objective for the company. Piper Sandler raised their price objective on shares of D-Wave Quantum from $13.00 to $22.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Finally, Canaccord Genuity Group assumed coverage on shares of D-Wave Quantum in a research report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 price objective for the company. Eleven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, D-Wave Quantum presently has a consensus rating of "Buy" and an average target price of $19.27.

D-Wave Quantum Trading Down 2.2%

The business's 50-day moving average price is $16.66 and its two-hundred day moving average price is $11.73. The company has a market capitalization of $5.04 billion, a price-to-earnings ratio of -14.03 and a beta of 1.41. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). The firm had revenue of $3.10 million during the quarter, compared to the consensus estimate 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 for the quarter was up 40.9% compared to the same quarter last year. Research analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Activity

In other D-Wave Quantum news, Director John D. Dilullo sold 15,000 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $16.40, for a total transaction of $246,000.00. Following the sale, the director owned 44,295 shares of the company's stock, valued at approximately $726,438. The trade was a 25.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Roger Biscay sold 106,626 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.85, for a total transaction of $1,796,648.10. Following the sale, the director directly owned 14,260 shares in the company, valued at approximately $240,281. The trade was a 88.20% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 378,787 shares of company stock valued at $6,389,513. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of the company. bLong Financial LLC lifted its holdings in D-Wave Quantum by 2.3% in the second quarter. bLong Financial LLC now owns 24,643 shares of the company's stock valued at $361,000 after buying an additional 551 shares during the period. Capital Advisory Group Advisory Services LLC lifted its holdings in D-Wave Quantum by 3.0% in the second quarter. Capital Advisory Group Advisory Services LLC now owns 22,167 shares of the company's stock valued at $325,000 after buying an additional 646 shares during the period. Center for Financial Planning Inc. lifted its holdings in D-Wave Quantum by 23.6% in the second quarter. Center for Financial Planning Inc. now owns 3,645 shares of the company's stock valued at $53,000 after buying an additional 695 shares during the period. Citizens Financial Group Inc. RI lifted its holdings in D-Wave Quantum by 1.4% in the second quarter. Citizens Financial Group Inc. RI now owns 79,327 shares of the company's stock valued at $1,161,000 after buying an additional 1,081 shares during the period. Finally, Baird Financial Group Inc. lifted its holdings 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 buying an additional 1,300 shares during the period. Institutional investors and hedge funds 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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