D-Wave Quantum (NYSE:QBTS) Shares Down 2.4% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price dropped 2.4% on Thursday . The company traded as low as $15.36 and last traded at $16.0920. Approximately 21,474,643 shares traded hands during trading, a decline of 29% from the average daily volume of 30,395,742 shares. The stock had previously closed at $16.49.

Analyst Ratings Changes

QBTS has been the topic of several analyst reports. TD Cowen began coverage on shares of D-Wave Quantum in a report on Thursday, February 12th. They set a “buy” rating on the stock. Canaccord Genuity Group set a $43.00 price target on D-Wave Quantum in a research report on Thursday, January 29th. Rosenblatt Securities reissued a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a report on Wednesday, January 28th. Jefferies Financial Group initiated coverage on D-Wave Quantum in a research note on Tuesday, December 16th. They set a “buy” rating and a $45.00 price objective for the company. Finally, Wall Street Zen downgraded shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Fourteen analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $36.50.

D-Wave Quantum Stock Performance

The stock has a market cap of $5.95 billion, a PE ratio of -14.63 and a beta of 1.61. 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 stock has a fifty day moving average of $21.65 and a 200-day moving average of $25.14.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). The business 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 revenue was up 21.7% on a year-over-year basis. On average, equities analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, CFO John M. Markovich sold 10,706 shares of D-Wave Quantum stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $17.63, for a total value of $188,746.78. Following the completion of the sale, the chief financial officer owned 1,451,427 shares in the company, valued at $25,588,658.01. The trade was a 0.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $17.62, for a total value of $176,200.00. Following the sale, the director directly owned 27,778 shares of the company’s stock, valued at approximately $489,448.36. This trade represents a 26.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 966,610 shares of company stock worth $28,666,597 in the last three months. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of QBTS. Vanguard Group Inc. raised its stake in D-Wave Quantum by 41.2% during the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after acquiring an additional 11,218,255 shares in the last quarter. UBS Group AG increased its holdings in shares of D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after purchasing an additional 10,205,427 shares during the period. Geode Capital Management LLC lifted its position in D-Wave Quantum by 11.5% in the 4th quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock worth $220,085,000 after buying an additional 866,405 shares in the last quarter. State Street Corp increased its position in D-Wave Quantum by 5.3% in the 4th quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after purchasing an additional 385,809 shares during the last quarter. Finally, Marex Group plc acquired a new position in shares of D-Wave Quantum during the 2nd quarter worth $80,070,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.