D-Wave Quantum (NYSE:QBTS) Trading Down 3.1% - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price was down 3.1% on Wednesday . The stock traded as low as $14.30 and last traded at $14.50. Approximately 14,170,277 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 46,788,875 shares. The stock had previously closed at $14.97.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on QBTS shares. Roth Mkm upped their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Benchmark reissued a "buy" rating and issued a $20.00 target price (up previously from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Roth Capital reissued a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Williams Trading set a $20.00 target price on D-Wave Quantum in a research note on Wednesday, June 18th. Finally, Needham & Company LLC increased 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. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $13.57.

D-Wave Quantum Trading Down 0.2%

The firm's 50-day simple moving average is $13.19 and its 200-day simple moving average is $9.03. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $4.10 billion, a PE ratio of -23.39 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $10.50 million. Equities analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 43,517 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the completion of the sale, the director now directly owns 57,778 shares in the company, valued at $970,670.40. This trade represents a 42.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Alan E. Baratz sold 845,813 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the transaction, the chief executive officer now directly owns 2,866,412 shares of the company's stock, valued at $48,729,004. This represents a 22.78% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,636,796 shares of company stock worth $27,872,091. Company 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 made changes to their positions in QBTS. Vanguard Group Inc. increased its position in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after acquiring an additional 3,624,407 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of D-Wave Quantum by 40.9% during the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock valued at $1,845,000 after acquiring an additional 63,799 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of D-Wave Quantum by 1,097.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company's stock valued at $1,916,000 after acquiring an additional 209,000 shares in the last quarter. Truist Financial Corp bought a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $108,000. Finally, JPMorgan Chase & Co. increased its position in shares of D-Wave Quantum by 20.6% during the fourth quarter. JPMorgan Chase & Co. now owns 46,804 shares of the company's stock valued at $393,000 after acquiring an additional 8,001 shares in the last quarter. Institutional investors own 42.47% of the company's stock.

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.