D-Wave Quantum (NYSE:QBTS) Stock Price Down 9.8% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was down 9.8% during mid-day trading on Thursday . The stock traded as low as $14.57 and last traded at $14.6050. Approximately 19,872,353 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 29,520,086 shares. The stock had previously closed at $16.19.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on QBTS. Wedbush initiated coverage on D-Wave Quantum in a research report on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 target price on the stock. Canaccord Genuity Group set a $43.00 price target on shares of D-Wave Quantum in a research report on Thursday, January 29th. TD Cowen assumed coverage on shares of D-Wave Quantum in a research note on Thursday, February 12th. They set a “buy” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of D-Wave Quantum in a report on Monday, December 29th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $43.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, January 28th. Fourteen analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, D-Wave Quantum currently has an average rating of “Moderate Buy” and an average price target of $36.50.

D-Wave Quantum Stock Performance

The stock has a market capitalization of $5.40 billion, a price-to-earnings ratio of -13.28 and a beta of 1.61. The firm has a fifty day moving average of $20.36 and a 200 day moving average of $25.17. The company has a debt-to-equity ratio of 0.04, a current ratio of 42.38 and a quick ratio of 42.25.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The company had revenue of $2.75 million during the quarter, compared to analyst estimates of $3.74 million. D-Wave Quantum’s revenue was up 21.7% compared to the same quarter last year. On average, sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In related news, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $18.01, for a total transaction of $144,080.00. Following the sale, the director owned 19,803 shares in the company, valued at approximately $356,652.03. This trade represents a 28.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John M. Markovich sold 10,706 shares of D-Wave Quantum stock in a transaction on Friday, March 13th. The shares were sold at an average price of $17.63, for a total transaction of $188,746.78. Following the completion of the transaction, the chief financial officer directly owned 1,451,427 shares of the company’s stock, valued at $25,588,658.01. The trade was a 0.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 72,898 shares of company stock valued at $1,749,054 in the last quarter. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently modified their holdings of QBTS. GAMMA Investing LLC increased its stake in shares of D-Wave Quantum by 34.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $46,000 after purchasing an additional 482 shares in the last quarter. Blue Bell Private Wealth Management LLC boosted its position in D-Wave Quantum by 5.3% during the third quarter. Blue Bell Private Wealth Management LLC now owns 9,901 shares of the company’s stock worth $245,000 after purchasing an additional 500 shares in the last quarter. Huntington National Bank grew its holdings in D-Wave Quantum by 17.9% in the third quarter. Huntington National Bank now owns 3,300 shares of the company’s stock valued at $82,000 after purchasing an additional 500 shares during the period. bLong Financial LLC raised its position in shares of D-Wave Quantum by 2.3% during the 2nd quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock worth $361,000 after purchasing an additional 551 shares during the last quarter. Finally, Sigma Planning Corp grew its holdings in shares of D-Wave Quantum by 3.6% during the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock worth $431,000 after buying an additional 560 shares in the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

About D-Wave Quantum

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.