D-Wave Quantum (NYSE:QBTS) Shares Down 9.8% – Should You Sell?

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

Analysts Set New Price Targets

QBTS has been the topic of a number of analyst reports. Wall Street Zen lowered shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a report on Monday, December 29th. Needham & Company LLC reduced their price target on shares of D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a report on Wednesday, January 28th. Finally, Roth Mkm lowered their price objective on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Fourteen analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.50.

D-Wave Quantum Stock Performance

The company has a market cap of $5.13 billion, a P/E ratio of -12.62 and a beta of 1.61. The business has a 50 day moving average price of $19.78 and a two-hundred day moving average price of $25.08. The company has a debt-to-equity ratio of 0.04, a quick ratio of 42.25 and a current ratio of 42.38.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.04). D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The business had revenue of $2.75 million during the quarter, compared to the consensus estimate 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 year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director owned 19,803 shares of the company’s stock, valued at approximately $356,652.03. This trade represents a 28.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Markovich sold 10,706 shares of the stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $17.63, for a total transaction of $188,746.78. Following the sale, the chief financial officer directly owned 1,451,427 shares in the company, valued at $25,588,658.01. This trade represents a 0.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 72,898 shares of company stock valued at $1,749,054 over the last 90 days. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds have recently bought and sold shares of the company. Osaic Holdings Inc. increased its stake in shares of D-Wave Quantum by 125.7% in the second quarter. Osaic Holdings Inc. now owns 247,004 shares of the company’s stock worth $3,616,000 after purchasing an additional 137,549 shares in the last quarter. UNICOM Systems Inc. lifted its stake in shares of D-Wave Quantum by 12.1% during the 3rd quarter. UNICOM Systems Inc. now owns 3,121,346 shares of the company’s stock valued at $77,128,000 after buying an additional 337,838 shares in the last quarter. Csenge Advisory Group boosted its holdings in D-Wave Quantum by 99.1% in the 3rd quarter. Csenge Advisory Group now owns 35,886 shares of the company’s stock worth $887,000 after buying an additional 17,860 shares during the period. Mutual Advisors LLC bought a new position in D-Wave Quantum in the 3rd quarter worth $1,069,000. Finally, Federated Hermes Inc. increased its stake in D-Wave Quantum by 259,560.6% in the 3rd quarter. Federated Hermes Inc. now owns 184,359 shares of the company’s stock worth $4,556,000 after buying an additional 184,288 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.