D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.9% - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded down 6.9% on Tuesday . The company traded as low as $16.80 and last traded at $17.12. 20,296,926 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 49,726,315 shares. The stock had previously closed at $18.39.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Cantor Fitzgerald assumed coverage on D-Wave Quantum in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 target price for the company. Canaccord Genuity Group assumed coverage on D-Wave Quantum in a research note on Wednesday. They issued a "buy" rating and a $20.00 target price for the company. Needham & Company LLC boosted 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. Roth Capital reissued a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Finally, B. Riley boosted their price target on D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum presently has a consensus rating of "Buy" and an average price target of $15.22.

D-Wave Quantum Trading Down 4.5%

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 business has a fifty day simple moving average of $16.49 and a two-hundred day simple moving average of $10.22.

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 for the quarter, topping the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. On average, analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling

In other D-Wave Quantum news, Director Roger Biscay sold 106,626 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.85, for a total value of $1,796,648.10. Following the transaction, the director owned 14,260 shares of the company's stock, valued at approximately $240,281. This represents a 88.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John D. Dilullo sold 15,000 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $16.40, for a total value of $246,000.00. Following the completion of the transaction, the director directly owned 44,295 shares in the company, valued at approximately $726,438. This represents a 25.30% 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 three months. Corporate insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth about $26,000. Reyes Financial Architecture Inc. purchased a new stake in shares of D-Wave Quantum during the second quarter worth about $29,000. Parallel Advisors LLC grew its position in shares of D-Wave Quantum by 227.3% during the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock worth $32,000 after purchasing an additional 1,532 shares in the last quarter. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth about $38,000. Finally, Russell Investments Group Ltd. grew its position in shares of D-Wave Quantum by 133.9% during the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock worth $42,000 after purchasing an additional 3,165 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.