D-Wave Quantum (NYSE:QBTS) Shares Down 6.2% - Here's What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) fell 6.2% during trading on Friday . The stock traded as low as $18.05 and last traded at $18.05. 22,774,788 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 71,575,625 shares. The stock had previously closed at $19.24.

Analyst Ratings Changes

A number of analysts recently issued reports on QBTS shares. Cantor Fitzgerald started coverage on shares of D-Wave Quantum in a report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price objective for the company. B. Riley restated a "buy" rating and set a $20.00 price objective (up previously from $13.00) on shares of D-Wave Quantum in a report on Wednesday, June 18th. Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a report on Wednesday, June 18th. Needham & Company LLC raised their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum has an average rating of "Buy" and an average price target of $14.38.

D-Wave Quantum Price Performance

The stock has a market cap of $5.39 billion, a PE ratio of -30.64 and a beta of 1.40. The company has a debt-to-equity ratio of 0.15, a current ratio of 20.73 and a quick ratio of 20.61. The firm's 50 day moving average price is $15.68 and its two-hundred day moving average price is $9.88.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. On average, research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO John M. Markovich sold 400,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total value of $6,920,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,577,944 shares in the company, valued at approximately $27,298,431.20. This trade represents a 20.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roger Biscay sold 106,626 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.85, for a total transaction of $1,796,648.10. Following the completion of the transaction, the director owned 14,260 shares of the company's stock, valued at $240,281. This trade represents a 88.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock valued at $27,872,091 in the last three months. Insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently modified their holdings of the company. Capital Advisory Group Advisory Services LLC lifted 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 during the last quarter. bLong Financial LLC lifted its holdings in shares of D-Wave Quantum by 5.2% in the 1st quarter. bLong Financial LLC now owns 24,092 shares of the company's stock worth $183,000 after acquiring an additional 1,200 shares during the last quarter. Baird Financial Group Inc. lifted its holdings in shares of D-Wave Quantum by 12.0% in the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock worth $92,000 after acquiring an additional 1,300 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of D-Wave Quantum by 24.2% in the 2nd quarter. Signaturefd LLC now owns 7,168 shares of the company's stock worth $105,000 after acquiring an additional 1,397 shares during the last quarter. Finally, Parallel Advisors LLC lifted its holdings in shares of D-Wave Quantum by 227.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock worth $32,000 after acquiring an additional 1,532 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors.

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.

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