D-Wave Quantum (NYSE:QBTS) Shares Down 5.6% - Here's What Happened

Key Points

• D-Wave Quantum Inc.'s stock price dropped by 5.6% to last trade at $25.27, with a significant trading volume of 68.6 million shares, indicating heightened market activity.
• Despite the recent decline, Wall Street analysts maintain a favorable outlook, with an average consensus rating of "Buy" and a price target of $20.27.
• The company reported a net revenue increase of 40.9% year-over-year, although it missed earnings expectations with an EPS of ($0.08) compared to the forecasted ($0.05).

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price fell 5.6% during trading on Monday . The company traded as low as $24.97 and last traded at $25.27. 68,602,136 shares traded hands during trading, an increase of 6% from the average session volume of 64,851,969 shares. The stock had previously closed at $26.76.

Wall Street Analysts Forecast Growth

A number of research firms have commented on QBTS. Williams Trading set a $20.00 price target on D-Wave Quantum in a research note on Wednesday, June 18th. Needham & Company LLC restated a "buy" rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Rosenblatt Securities assumed coverage on D-Wave Quantum in a research note on Tuesday, July 29th. They set a "buy" rating and a $30.00 price target on the stock. Finally, Cantor Fitzgerald began coverage on shares of D-Wave Quantum in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price target for the company. Eleven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $20.27.

D-Wave Quantum Trading Down 5.6%

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 business's 50 day moving average is $18.33 and its 200 day moving average is $14.27. The stock has a market cap of $8.64 billion, a price-to-earnings ratio of -24.07 and a beta of 1.39.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its 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). The firm 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. As a group, equities analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director John D. Dilullo sold 8,000 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $143,440.00. Following the completion of the transaction, the director owned 36,295 shares in the company, valued at approximately $650,769.35. The trade was a 18.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Rohit Ghai sold 10,000 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $179,300.00. Following the transaction, the director owned 47,778 shares of the company's stock, valued at approximately $856,659.54. The trade was a 17.31% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 168,000 shares of company stock worth $2,937,740. Corporate insiders own 3.20% of the company's stock.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the business. bLong Financial LLC grew its stake in shares of D-Wave Quantum by 2.3% in the 2nd quarter. bLong Financial LLC now owns 24,643 shares of the company's stock valued at $361,000 after purchasing an additional 551 shares during the last quarter. Capital Advisory Group Advisory Services LLC raised its stake in shares of 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 worth $325,000 after purchasing an additional 646 shares during the last quarter. Center for Financial Planning Inc. raised its stake in shares of 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 worth $53,000 after purchasing an additional 695 shares during the last quarter. Citizens Financial Group Inc. RI grew its position in D-Wave Quantum by 1.4% in the 2nd 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 last quarter. Finally, Baird Financial Group Inc. grew its position in D-Wave Quantum by 12.0% in the 1st 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 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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