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

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on QBTS shares. Benchmark reaffirmed 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. B. Riley reaffirmed a "buy" rating and set a $20.00 price objective (up previously from $13.00) on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Needham & Company LLC upped their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Finally, Roth Mkm increased their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum has a consensus rating of "Buy" and a consensus target price of $14.38.

D-Wave Quantum Stock Performance

The stock has a market cap of $4.68 billion, a price-to-earnings ratio of -26.71 and a beta of 1.40. The stock's 50-day moving average is $14.64 and its 200-day moving average is $9.57. The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to analysts' expectations 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, analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 58,644 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.21, for a total value of $950,619.24. Following the completion of the transaction, the director owned 132,673 shares in the company, valued at $2,150,629.33. This represents a 30.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rohit Ghai sold 43,517 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.80, for a total value of $731,085.60. Following the completion of the transaction, the director owned 57,778 shares of the company's stock, valued at approximately $970,670.40. This represents a 42.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,636,796 shares of company stock worth $27,872,091 over the last 90 days. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the business. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum during the 4th quarter valued at approximately $26,000. Reyes Financial Architecture Inc. purchased a new position in shares of D-Wave Quantum during the 2nd quarter valued at approximately $29,000. Parallel Advisors LLC boosted its stake in shares of 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 buying an additional 1,532 shares during the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of D-Wave Quantum during the 4th quarter valued at approximately $38,000. Finally, Russell Investments Group Ltd. boosted its stake in shares of D-Wave Quantum by 133.9% during the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock valued at $42,000 after buying an additional 3,165 shares during the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.