D-Wave Quantum (NYSE:QBTS) Stock Price Down 6% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price dropped 6% on Tuesday . The company traded as low as $20.28 and last traded at $20.3690. Approximately 36,855,998 shares changed hands during trading, an increase of 22% from the average daily volume of 30,306,703 shares. The stock had previously closed at $21.66.

Wall Street Analysts Forecast Growth

QBTS has been the topic of a number of recent research reports. Roth Mkm dropped their target price on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, February 27th. TD Cowen assumed coverage on D-Wave Quantum in a report on Thursday, February 12th. They set a “buy” rating for the company. Wall Street Zen lowered shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Mizuho dropped their price objective on shares of D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. Finally, Benchmark restated a “buy” rating and issued a $35.00 target price on shares of D-Wave Quantum in a research note on Friday, January 23rd. Fourteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.53.

D-Wave Quantum Price Performance

The company has a market cap of $7.53 billion, a price-to-earnings ratio of -18.52 and a beta of 1.78. The company has a 50-day simple moving average of $17.44 and a 200-day simple moving average of $24.32. 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 quarterly earnings results 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). D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The business had revenue of $2.75 million during the quarter, compared to analysts’ expectations of $3.74 million. The business’s revenue was up 21.7% compared to the same quarter last year. As a group, research analysts predict that D-Wave Quantum Inc. will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $18.01, for a total value of $144,080.00. Following the completion of the sale, the director owned 19,803 shares in the company, valued at $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 available at this link. Also, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $17.62, for a total transaction of $176,200.00. Following the sale, the director directly owned 27,778 shares in the company, valued at approximately $489,448.36. This represents a 26.47% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 28,706 shares of company stock worth $509,027. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in QBTS. Kestra Private Wealth Services LLC lifted its position in shares of D-Wave Quantum by 10.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 32,424 shares of the company’s stock valued at $468,000 after acquiring an additional 3,127 shares during the period. OP Asset Management Ltd acquired a new stake in shares of D-Wave Quantum in the 1st quarter worth approximately $151,000. Presilium Private Wealth LLC increased its stake in D-Wave Quantum by 6.9% in the 1st quarter. Presilium Private Wealth LLC now owns 10,657 shares of the company’s stock valued at $154,000 after purchasing an additional 687 shares in the last quarter. Wealth Management Partners LLC raised its holdings in D-Wave Quantum by 5.9% during the first quarter. Wealth Management Partners LLC now owns 41,775 shares of the company’s stock worth $603,000 after purchasing an additional 2,337 shares during the last quarter. Finally, Fortem Financial Group LLC raised its holdings in D-Wave Quantum by 43.2% during the first quarter. Fortem Financial Group LLC now owns 12,004 shares of the company’s stock worth $173,000 after purchasing an additional 3,623 shares during the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.