D-Wave Quantum (NYSE:QBTS) Trading Down 3.1% - Here's Why

Key Points

• D-Wave Quantum's stock dropped 3.1%, closing at $17.73 after trading as low as $17.41, with a significant decline in trading volume.
• Various analysts have set new price targets for D-Wave Quantum, with ratings ranging from "buy" to "overweight" and targets between $20.00 and $30.00.
• Insider selling activity included significant transactions by directors, indicating a 30.65% and 88.20% decrease in their positions, leading to speculation about confidence in the stock's future.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) dropped 3.1% during trading on Wednesday . The company traded as low as $17.41 and last traded at $17.73. Approximately 18,223,155 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 69,306,063 shares. The stock had previously closed at $18.30.

Analysts Set New Price Targets

QBTS has been the topic of a number of research analyst reports. B. Riley boosted their price target on D-Wave Quantum from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Cantor Fitzgerald assumed coverage on D-Wave Quantum in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price target on the stock. Rosenblatt Securities assumed coverage on D-Wave Quantum in a research note on Tuesday, July 29th. They issued a "buy" rating and a $30.00 price objective on the stock. Williams Trading set a $20.00 price objective on D-Wave Quantum in a research note on Wednesday, June 18th. Finally, Stifel Nicolaus assumed coverage on D-Wave Quantum in a research note on Tuesday. They issued a "buy" rating and a $26.00 price objective on the stock. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum presently has a consensus rating of "Buy" and an average price target of $17.55.

D-Wave Quantum Stock Down 3.0%

The company has a fifty day moving average of $16.68 and a two-hundred day moving average of $10.91. The company has a market cap of $5.19 billion, a PE ratio of -29.59 and a beta of 1.41. 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 released its quarterly earnings results 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. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. The company had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. As a group, analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 58,644 shares of the company's stock in a transaction 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 transaction, the director owned 132,673 shares of the company's stock, valued at $2,150,629.33. This represents a 30.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Roger Biscay sold 106,626 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.85, for a total value of $1,796,648.10. Following the completion of the transaction, the director directly owned 14,260 shares in the company, valued at $240,281. This trade represents a 88.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,636,796 shares of company stock worth $27,872,091 over the last ninety days. Corporate insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently bought and sold shares of the business. Reyes Financial Architecture Inc. bought a new position in D-Wave Quantum in the 2nd quarter valued at $29,000. Atlantic Union Bankshares Corp bought a new position in D-Wave Quantum in the 2nd quarter valued at $29,000. Parallel Advisors LLC grew its position 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 worth $32,000 after buying an additional 1,532 shares in the last quarter. Gables Capital Management Inc. bought a new position in shares of D-Wave Quantum during the 2nd quarter worth $37,000. Finally, Huntington National Bank bought a new position in shares of D-Wave Quantum during the 2nd quarter worth $41,000. 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.

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