D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.6% - Here's Why

Key Points

• D-Wave Quantum Inc. stock fell by 2.6%, trading as low as $18.96, while the trading volume dropped significantly to 13.2 million shares, down 81% from the average.
• Multiple analysts maintain a buy rating for D-Wave Quantum, with a consensus target price of $15.22 and some targets as high as $20.00.
• The company reported earnings of ($0.02) EPS, beating the consensus estimate of ($0.05) and generating $15 million in revenue during the last quarter.
• Institutional investors own 42.47% of D-Wave Quantum's stock, with significant recent investments from firms like Vanguard Group and Bank of America.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) fell 2.6% during trading on Friday . The stock traded as low as $18.96 and last traded at $19.25. 13,205,677 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 71,132,523 shares. The stock had previously closed at $19.76.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a report on Wednesday, June 18th. Needham & Company LLC upped their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Canaccord Genuity Group initiated coverage on shares of D-Wave Quantum in a research report on Wednesday. They issued a "buy" rating and a $20.00 target price for the company. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Finally, Benchmark restated a "buy" rating and set a $20.00 price target (up previously from $14.00) on shares of D-Wave Quantum in a report on Tuesday, June 17th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $15.22.

D-Wave Quantum Stock Down 4.2%

The firm's 50-day simple moving average is $16.49 and its 200-day simple moving average is $10.22. The company has a market capitalization of $5.53 billion, a price-to-earnings ratio of -31.51 and a beta of 1.40. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73.

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

Insider Buying and Selling

In other D-Wave Quantum news, Director Rohit Ghai sold 43,517 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the completion of the transaction, the director directly owned 57,778 shares of the company's stock, valued at approximately $970,670.40. The trade was a 42.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 845,813 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the sale, the chief executive officer owned 2,866,412 shares of the company's stock, valued at approximately $48,729,004. This represents a 22.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,636,796 shares of company stock valued at $27,872,091. Insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of D-Wave Quantum by 58.5% in the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock valued at $85,766,000 after buying an additional 4,166,721 shares during the period. Bank of America Corp DE grew its stake in shares of D-Wave Quantum by 4,912.4% in the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after acquiring an additional 2,497,263 shares in the last quarter. Penserra Capital Management LLC grew its stake in shares of D-Wave Quantum by 80.1% in the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock valued at $38,518,000 after acquiring an additional 2,253,741 shares in the last quarter. UNICOM Systems Inc. grew its stake in D-Wave Quantum by 91.9% during the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after buying an additional 2,216,000 shares in the last quarter. Finally, Trexquant Investment LP acquired a new stake in D-Wave Quantum during the first quarter worth about $8,064,000. Institutional investors and hedge funds own 42.47% of the company's stock.

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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