D-Wave Quantum (NYSE:QBTS) Stock Price Down 1.2% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares traded down 1.2% during mid-day trading on Tuesday . The stock traded as low as $16.50 and last traded at $16.55. 17,177,985 shares changed hands during trading, a decline of 64% from the average session volume of 48,064,955 shares. The stock had previously closed at $16.76.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. B. Riley reissued a "buy" rating and set a $20.00 target price (up previously from $13.00) on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Roth Mkm lifted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Williams Trading set a $20.00 target price on D-Wave Quantum in a research note on Wednesday, June 18th. Needham & Company LLC lifted their target price on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, Benchmark reissued a "buy" rating and set a $20.00 target price (up previously from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum presently has a consensus rating of "Buy" and a consensus target price of $14.38.

D-Wave Quantum Trading Down 0.4%

The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. The stock has a 50 day simple moving average of $14.64 and a 200-day simple moving average of $9.57. The firm has a market cap of $4.77 billion, a P/E ratio of -27.11 and a beta of 1.40.

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

Insiders Place Their Bets

In other news, Director John D. Dilullo sold 15,000 shares of D-Wave Quantum stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $16.40, for a total value of $246,000.00. Following the completion of the transaction, the director owned 44,295 shares in the company, valued at approximately $726,438. The trade was a 25.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kirstjen Nielsen sold 13,000 shares of D-Wave Quantum stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $16.04, for a total value of $208,520.00. Following the completion of the transaction, the director owned 119,673 shares of the company's stock, valued at approximately $1,919,554.92. This trade represents a 9.80% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,636,796 shares of company stock worth $27,872,091. Insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently modified their holdings of the stock. bLong Financial LLC boosted 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 purchasing an additional 1,200 shares during the period. Baird Financial Group Inc. boosted its holdings in D-Wave Quantum by 12.0% during the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock valued at $92,000 after acquiring an additional 1,300 shares during the period. Parallel Advisors LLC boosted its holdings in D-Wave Quantum by 227.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock valued at $32,000 after acquiring an additional 1,532 shares during the period. Victory Capital Management Inc. boosted its holdings in D-Wave Quantum by 5.8% during the 1st quarter. Victory Capital Management Inc. now owns 31,097 shares of the company's stock valued at $236,000 after acquiring an additional 1,698 shares during the period. Finally, Summit Investment Advisors Inc. boosted its holdings in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock valued at $87,000 after acquiring an additional 1,766 shares during the period. Hedge funds and other institutional investors 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.