D-Wave Quantum (NYSE:QBTS) Shares Down 3.3% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares fell 3.3% on Friday . The company traded as low as $15.52 and last traded at $15.49. 8,366,021 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 48,375,386 shares. The stock had previously closed at $16.01.

Wall Street Analyst Weigh In

QBTS has been the topic of several recent analyst reports. Benchmark reissued a "buy" rating and set a $20.00 target price (up from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Williams Trading set a $20.00 price objective on D-Wave Quantum in a report on Wednesday, June 18th. B. Riley restated a "buy" rating and issued a $20.00 price objective (up from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Finally, Cantor Fitzgerald started coverage on D-Wave Quantum in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 target price on the stock. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $14.38.

D-Wave Quantum Stock Performance

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 50-day moving average price of $15.13 and a two-hundred day moving average price of $9.72. The firm has a market cap of $4.63 billion, a PE ratio of -26.43 and a beta of 1.40.

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 analysts' consensus estimates 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. Research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, CEO Alan E. Baratz sold 845,813 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total value of $14,378,821.00. Following the completion of the sale, the chief executive officer owned 2,866,412 shares in the company, valued at approximately $48,729,004. This represents a 22.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rohit Ghai sold 43,517 shares of the business'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 transaction, the director owned 57,778 shares in the company, valued at approximately $970,670.40. This represents a 42.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,636,796 shares of company stock valued at $27,872,091 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of D-Wave Quantum by 58.5% in the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock valued at $85,766,000 after purchasing an additional 4,166,721 shares during the period. Penserra Capital Management LLC boosted its holdings in D-Wave Quantum by 80.1% in the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock valued at $38,518,000 after purchasing an additional 2,253,741 shares during the last quarter. UNICOM Systems Inc. grew its stake in shares of D-Wave Quantum by 91.9% in the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock valued at $35,171,000 after buying an additional 2,216,000 shares during the period. Geode Capital Management LLC increased its holdings in shares of D-Wave Quantum by 16.4% during the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after buying an additional 418,468 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after buying an additional 2,497,263 shares during the last quarter. 42.47% of the stock is 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.