D-Wave Quantum (NYSE:QBTS) Trading Down 6.4% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded down 6.4% during trading on Tuesday . The stock traded as low as $17.81 and last traded at $18.42. 25,271,675 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 35,239,031 shares. The stock had previously closed at $19.67.

Wall Street Analyst Weigh In

QBTS has been the subject of a number of research reports. Benchmark reissued a “buy” rating and set a $35.00 target price on shares of D-Wave Quantum in a report on Friday, January 23rd. Williams Trading set a $35.00 price target on shares of D-Wave Quantum in a research report on Monday, November 10th. TD Cowen initiated coverage on shares of D-Wave Quantum in a research note on Thursday, February 12th. They issued a “buy” rating for the company. Mizuho initiated coverage on shares of D-Wave Quantum in a research report on Thursday, December 11th. They set an “outperform” rating and a $46.00 target price on the stock. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a research report on Wednesday, January 28th. Fourteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.21.

D-Wave Quantum Trading Down 6.4%

The firm’s fifty day simple moving average is $25.52 and its 200 day simple moving average is $24.90. The stock has a market capitalization of $6.81 billion, a P/E ratio of -13.64 and a beta of 1.56. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68.

Insider Activity at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 793,712 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $30.13, for a total transaction of $23,914,542.56. Following the completion of the transaction, the chief executive officer directly owned 2,633,163 shares in the company, valued at $79,337,201.19. This represents a 23.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Markovich sold 200,000 shares of the business’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $22.94, for a total transaction of $4,588,000.00. Following the sale, the chief financial officer directly owned 1,482,874 shares in the company, valued at approximately $34,017,129.56. The trade was a 11.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,274,466 shares of company stock worth $36,146,806 in the last three months. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the company. Root Financial Partners LLC increased its stake in shares of D-Wave Quantum by 388.0% in the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after buying an additional 776 shares during the period. Kemnay Advisory Services Inc. acquired a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $28,000. Atlantic Union Bankshares Corp bought a new position in D-Wave Quantum during the 2nd quarter worth approximately $29,000. EverSource Wealth Advisors LLC boosted its stake in shares of D-Wave Quantum by 267.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after purchasing an additional 838 shares during the last quarter. Finally, Ancora Advisors LLC bought a new stake in shares of D-Wave Quantum in the 3rd quarter valued at $30,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

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.