D-Wave Quantum (NYSE:QBTS) Trading Down 5.2% - Here's Why

Key Points

• D-Wave Quantum's stock fell 5.2% during mid-day trading, reaching a low of $24.62 before closing at $26.28, following a previous close of $27.72.
• The company reported a loss of $0.08 EPS for the last quarter, missing estimates, although revenue increased by 40.9% year-over-year to $3.10 million.
• Despite recent declines, D-Wave maintains a consensus rating of "Buy" among analysts, with price targets ranging from $20.00 to $30.00.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) dropped 5.2% during mid-day trading on Thursday . The stock traded as low as $24.62 and last traded at $26.28. Approximately 65,305,886 shares were traded during trading, an increase of 1% from the average daily volume of 64,850,266 shares. The stock had previously closed at $27.72.

Analyst Upgrades and Downgrades

QBTS has been the topic of several analyst reports. Stifel Nicolaus began coverage on shares of D-Wave Quantum in a research report on Tuesday, August 5th. They set a "buy" rating and a $26.00 price target on the stock. Canaccord Genuity Group initiated coverage on shares of D-Wave Quantum in a research report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 price target on the stock. Wall Street Zen lowered shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Rosenblatt Securities assumed coverage on shares of D-Wave Quantum in a research report on Tuesday, July 29th. They set a "buy" rating and a $30.00 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. Eleven analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $20.27.

D-Wave Quantum Trading Down 5.2%

The firm's 50-day moving average is $18.04 and its 200 day moving average is $13.86. The company has a current ratio of 42.99, a quick ratio of 42.86 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $8.99 billion, a price-to-earnings ratio of -25.03 and a beta of 1.39.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.03). D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The business had revenue of $3.10 million for the quarter, compared to analyst estimates of $2.55 million. The company's revenue was up 40.9% on a year-over-year basis. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Transactions at D-Wave Quantum

In other news, Director Rohit Ghai sold 10,000 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $179,300.00. Following the transaction, the director owned 47,778 shares in the company, valued at approximately $856,659.54. The trade was a 17.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Markovich sold 100,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $18.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the chief financial officer owned 1,558,753 shares in the company, valued at $28,057,554. This trade represents a 6.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 168,000 shares of company stock worth $2,937,740. Company insiders own 3.20% of the company's stock.

Institutional Trading of D-Wave Quantum

Several hedge funds have recently modified their holdings of QBTS. Vanguard Group Inc. increased its stake in D-Wave Quantum by 58.5% during the 1st 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 in the last quarter. State Street Corp boosted its holdings in D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company's stock worth $97,333,000 after acquiring an additional 1,941,762 shares during the last quarter. Geode Capital Management LLC boosted its holdings in D-Wave Quantum by 41.6% during the 2nd quarter. Geode Capital Management LLC now owns 6,411,558 shares of the company's stock worth $93,877,000 after acquiring an additional 1,883,109 shares during the last quarter. Marex Group plc purchased a new position in shares of D-Wave Quantum in the 2nd quarter worth about $80,070,000. Finally, Penserra Capital Management LLC boosted its holdings in shares of 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 worth $38,518,000 after buying an additional 2,253,741 shares during 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.

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