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

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) were down 1.2% during mid-day trading on Monday . The company traded as low as $15.94 and last traded at $16.59. Approximately 16,775,849 shares were traded during trading, a decline of 65% from the average daily volume of 48,107,868 shares. The stock had previously closed at $16.79.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on QBTS shares. Williams Trading set a $20.00 target price on shares of D-Wave Quantum in a research report on Wednesday, June 18th. B. Riley reaffirmed a "buy" rating and set a $20.00 target price (up previously from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Roth Mkm boosted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Cantor Fitzgerald initiated coverage on shares of D-Wave Quantum in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price target on the stock. Finally, Roth Capital reissued a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $14.38.

D-Wave Quantum Trading Down 1.7%

The company's fifty day moving average price is $14.27 and its two-hundred day moving average price is $9.48. 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 firm has a market cap of $4.81 billion, a P/E ratio of -27.45 and a beta of 1.40.

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. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. The business had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. As a group, sell-side analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, Director Roger Biscay sold 106,626 shares of the stock in a transaction dated 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 sale, the director owned 14,260 shares of the company's stock, valued at $240,281. This represents a 88.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kirstjen Nielsen sold 13,000 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $16.04, for a total transaction of $208,520.00. Following the sale, the director directly owned 119,673 shares in the company, valued at approximately $1,919,554.92. This 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. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Parallel Advisors LLC boosted its stake 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 valued at $32,000 after purchasing an additional 1,532 shares during the last quarter. Modus Advisors LLC boosted its stake in shares of D-Wave Quantum by 15.2% in the 2nd quarter. Modus Advisors LLC now owns 20,038 shares of the company's stock valued at $293,000 after purchasing an additional 2,638 shares during the last quarter. Voya Investment Management LLC boosted its stake in shares of D-Wave Quantum by 69.3% in the 1st quarter. Voya Investment Management LLC now owns 48,924 shares of the company's stock valued at $372,000 after purchasing an additional 20,022 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of D-Wave Quantum by 81.8% in the 1st quarter. Rhumbline Advisers now owns 242,515 shares of the company's stock valued at $1,843,000 after purchasing an additional 109,110 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of D-Wave Quantum in the 1st quarter valued at about $139,000. 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.