D-Wave Quantum (NYSE:QBTS) Shares Down 1% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price fell 1% on Monday . The company traded as low as $23.52 and last traded at $24.44. Approximately 28,191,971 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 32,302,932 shares. The stock had previously closed at $24.69.

Analyst Upgrades and Downgrades

QBTS has been the subject of several recent analyst reports. Jefferies Financial Group reiterated a “buy” rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Cantor Fitzgerald restated an “overweight” rating and set a $40.00 price target on shares of D-Wave Quantum in a report on Wednesday, May 13th. Roth Mkm upped their price target on shares of D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Northland Securities assumed coverage on shares of D-Wave Quantum in a research note on Monday, April 20th. They issued a “market perform” rating and a $22.00 price objective for the company. Finally, Zacks Research raised shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.80.

D-Wave Quantum Trading Down 1.0%

The company has a market cap of $9.04 billion, a PE ratio of -21.63 and a beta of 2.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41. The company has a 50 day simple moving average of $22.73 and a two-hundred day simple moving average of $22.34.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The firm’s revenue was down 80.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.02) earnings per share. Sell-side analysts forecast that D-Wave Quantum Inc. will post -0.43 EPS for the current year.

Insider Buying and Selling

In related news, CFO John M. Markovich sold 200,000 shares of D-Wave Quantum stock in a transaction on Monday, June 15th. The stock was sold at an average price of $25.71, for a total transaction of $5,142,000.00. Following the completion of the sale, the chief financial officer owned 1,142,820 shares of the company’s stock, valued at approximately $29,381,902.20. This trade represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Rohit Ghai sold 13,518 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $26.41, for a total value of $357,010.38. Following the completion of the transaction, the director owned 23,617 shares in the company, valued at $623,724.97. This trade represents a 36.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 1,363,842 shares of company stock worth $35,802,656. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently made changes to their positions in the company. Huntington National Bank raised its position in D-Wave Quantum by 17.9% during the third quarter. Huntington National Bank now owns 3,300 shares of the company’s stock valued at $82,000 after acquiring an additional 500 shares in the last quarter. Sigma Planning Corp lifted its stake in D-Wave Quantum by 3.6% in the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock valued at $431,000 after acquiring an additional 560 shares during the last quarter. AlphaStar Capital Management LLC grew its position in D-Wave Quantum by 2.2% in the fourth quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company’s stock worth $708,000 after acquiring an additional 592 shares in the last quarter. Noble Wealth Management PBC grew its position in D-Wave Quantum by 6.7% in the fourth quarter. Noble Wealth Management PBC now owns 9,600 shares of the company’s stock worth $251,000 after acquiring an additional 600 shares in the last quarter. Finally, Thoroughbred Financial Services LLC increased its stake in shares of D-Wave Quantum by 0.5% during the 4th quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company’s stock worth $3,447,000 after purchasing an additional 602 shares during the last quarter. Institutional investors own 42.47% of the company’s stock.

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.