D-Wave Quantum (NYSE:QBTS) Trading Down 1.2% - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares traded down 1.2% during trading on Tuesday . The company traded as low as $16.50 and last traded at $16.55. 17,177,985 shares were traded 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 Ratings Changes

A number of research analysts have commented on the company. Cantor Fitzgerald assumed coverage on D-Wave Quantum in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price objective on the stock. Needham & Company LLC boosted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Benchmark restated a "buy" rating and set a $20.00 price objective (up previously from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Finally, Roth Mkm boosted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $14.38.

D-Wave Quantum Stock Performance

The firm has a market capitalization of $4.76 billion, a PE ratio of -27.17 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 stock has a 50-day moving average price of $14.45 and a 200-day moving average price of $9.52.

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

Insider Transactions at D-Wave Quantum

In related news, Director John D. Dilullo sold 15,000 shares of the business's stock in a transaction dated 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 sale, the director directly owned 44,295 shares of the company's stock, valued at $726,438. The trade was a 25.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John M. Markovich sold 400,000 shares of the business's stock in a transaction dated 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 sale, the chief financial officer directly owned 1,577,944 shares of the company's stock, valued at approximately $27,298,431.20. This represents a 20.22% 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 over the last 90 days. Corporate insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Reyes Financial Architecture Inc. acquired a new position in D-Wave Quantum in the second quarter valued at approximately $29,000. Strategic Advocates LLC boosted its stake in D-Wave Quantum by 13.8% in the second quarter. Strategic Advocates LLC now owns 31,665 shares of the company's stock valued at $464,000 after acquiring an additional 3,840 shares during the period. Parallel Advisors LLC boosted its stake in D-Wave Quantum by 227.3% in the second 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. Modus Advisors LLC boosted its stake in D-Wave Quantum by 15.2% in the second quarter. Modus Advisors LLC now owns 20,038 shares of the company's stock valued at $293,000 after acquiring an additional 2,638 shares during the period. Finally, Voya Investment Management LLC boosted its stake in D-Wave Quantum by 69.3% in the first quarter. Voya Investment Management LLC now owns 48,924 shares of the company's stock valued at $372,000 after acquiring an additional 20,022 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.