D-Wave Quantum (NYSE:QBTS) Shares Down 1.1% – Here’s Why
by Tristan Rich · The Markets DailyShares of D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report) fell 1.1% during trading on Friday . The stock traded as low as $18.23 and last traded at $18.62. 27,140,588 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 32,141,283 shares. The stock had previously closed at $18.83.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on QBTS shares. TD Cowen started coverage on D-Wave Quantum in a research note on Thursday, February 12th. They set a “buy” rating on the stock. Canaccord Genuity Group set a $43.00 target price on D-Wave Quantum in a research note on Thursday, January 29th. Williams Trading set a $35.00 target price on D-Wave Quantum in a research report on Monday, November 10th. Wall Street Zen cut D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Monday, December 29th. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $36.50.
Get Our Latest Analysis on QBTS
D-Wave Quantum Stock Down 1.1%
The firm has a market capitalization of $6.89 billion, a PE ratio of -16.93 and a beta of 1.61. The company has a current ratio of 42.38, a quick ratio of 54.49 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average of $23.41 and a two-hundred day moving average of $24.92.
D-Wave Quantum (NYSE:QBTS – Get Free Report) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.04). The firm had revenue of $2.75 million for the quarter, compared to analyst estimates of $3.74 million. D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The business’s revenue was up 21.7% compared to the same quarter last year. On average, equities research analysts forecast 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 Rohit Ghai sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $24.28, for a total transaction of $242,800.00. Following the completion of the sale, the director directly owned 37,778 shares in the company, valued at $917,249.84. The trade was a 20.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alan E. Baratz sold 35,013 shares of the firm’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total transaction of $982,464.78. Following the completion of the transaction, the chief executive officer directly owned 2,598,150 shares in the company, valued at approximately $72,904,089. This represents a 1.33% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 959,466 shares of company stock valued at $28,676,586. 3.20% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. Root Financial Partners LLC increased its position in shares of D-Wave Quantum by 388.0% in the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after purchasing an additional 776 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new position in D-Wave Quantum in the fourth quarter worth about $28,000. Atlantic Union Bankshares Corp acquired a new position in D-Wave Quantum in the second quarter worth about $29,000. EverSource Wealth Advisors LLC increased its holdings in D-Wave Quantum by 267.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after buying an additional 838 shares during the last quarter. Finally, Ancora Advisors LLC bought a new stake in D-Wave Quantum in the third quarter valued at about $30,000. 42.47% of the stock is owned by institutional investors and hedge funds.
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.