D-Wave Quantum (NYSE:QBTS) Stock Price Down 7.6% – Here’s What Happened

by · The Cerbat Gem

D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report)’s share price dropped 7.6% on Thursday . The stock traded as low as $21.81 and last traded at $22.0160. Approximately 25,596,018 shares changed hands during trading, a decline of 14% from the average daily volume of 29,596,631 shares. The stock had previously closed at $23.83.

D-Wave Quantum News Summary

Here are the key news stories impacting D-Wave Quantum this week:

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on QBTS shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $43.00 target price on shares of D-Wave Quantum in a research report on Wednesday, January 28th. Northland Securities initiated coverage on D-Wave Quantum in a research note on Monday, April 20th. They set a “market perform” rating and a $22.00 price target on the stock. Needham & Company LLC decreased their price objective on D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Weiss Ratings cut shares of D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Finally, TD Cowen began coverage on shares of D-Wave Quantum in a research report on Thursday, February 12th. They set a “buy” rating on the stock. Fourteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, D-Wave Quantum presently has an average rating of “Moderate Buy” and an average target price of $35.53.

View Our Latest Analysis on QBTS

D-Wave Quantum Price Performance

The company has a quick ratio of 42.25, a current ratio of 42.38 and a debt-to-equity ratio of 0.04. The firm has a market cap of $8.14 billion, a PE ratio of -20.01 and a beta of 1.95. The stock has a 50 day moving average price of $17.62 and a two-hundred day moving average price of $23.09.

D-Wave Quantum (NYSE:QBTS – Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.04). The company had revenue of $2.75 million during the quarter, compared to analysts’ expectations of $3.74 million. D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The firm’s quarterly revenue was up 21.7% on a year-over-year basis. As a group, equities analysts expect that D-Wave Quantum Inc. will post -0.44 earnings per share for the current year.

Insider Activity at D-Wave Quantum

In other news, VP Sophie C. Ames sold 3,070 shares of the business’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $21.35, for a total transaction of $65,544.50. Following the sale, the vice president directly owned 643,678 shares of the company’s stock, valued at $13,742,525.30. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 10,706 shares of the company’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $17.63, for a total value of $188,746.78. Following the completion of the transaction, the chief financial officer directly owned 1,451,427 shares in the company, valued at approximately $25,588,658.01. The trade was a 0.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 31,776 shares of company stock valued at $574,571. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Root Financial Partners LLC boosted its position in 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 last quarter. Kemnay Advisory Services Inc. purchased a new position in D-Wave Quantum during the 4th quarter worth approximately $28,000. EverSource Wealth Advisors LLC lifted its stake in D-Wave Quantum by 267.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after acquiring an additional 838 shares during the period. Mcguire Capital Advisors Inc. acquired a new stake in D-Wave Quantum during the 4th quarter valued at approximately $31,000. Finally, Ancora Advisors LLC purchased a new stake in shares of D-Wave Quantum in the 3rd quarter valued at $30,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

About D-Wave Quantum

(Get Free Report)

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.

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