D-Wave Quantum (NASDAQ:QBTS) Stock Price Down 2.8% – Should You Sell?

D-Wave Quantum Inc. (NASDAQ:QBTS) traded down 2.8% during mid-day trading on Friday. The stock traded as low as $9.27 and last traded at $9.56. Approximately 11,093,338 shares were traded during mid-day trading, a decline of 56% from the average session volume of 25,286,955 shares. The stock had previously closed at $9.84.

D-Wave Quantum News Summary

Here’s some of the latest news about QBTS:

• Positive Sentiment: D-Wave reported a 611% increase in bookings, and analysts pointed to a growing system-sales pipeline and an expected fourth-quarter delivery to a major Florida university system as potential growth drivers. Article: D-Wave gets Wedbush vote of confidence as bookings surge 611%
• Positive Sentiment: The company was named a Gartner Market Shaper in quantum computing, an external endorsement of its commercial positioning and technology. Article: D-Wave Named a Market Shaper
• Negative Sentiment: Recent coverage says Wall Street analysts have cut price targets by as much as 55%, reflecting concern about financial performance. The latest reported quarter also missed the consensus EPS estimate, despite revenue exceeding expectations. Article: Wall Street Slashes D-Wave Stock Targets by Up to 55%

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. B. Riley Financial dropped their price objective on shares of D-Wave Quantum from $27.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, November 9th. Canaccord Genuity Group decreased their price objective on D-Wave Quantum from $35.00 to $31.00 and set a “buy” rating on the stock in a research note on Wednesday. Stifel Nicolaus lowered their target price on shares of D-Wave Quantum from $35.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday. Wall Street Zen raised shares of D-Wave Quantum from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Finally, StoneX cut their price objective on shares of D-Wave Quantum from $30.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday. Fifteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

D-Wave Quantum Stock Down 2.8%

The firm has a market capitalization of $3.54 billion, a PE ratio of -22.23 and a beta of 2.35. The company has a current ratio of 20.55, a quick ratio of 20.42 and a debt-to-equity ratio of 0.03. The firm has a 50-day moving average of $13.94 and a two-hundred day moving average of $18.54.

D-Wave Quantum (NASDAQ:QBTS) last posted its quarterly earnings results on Tuesday, November 10th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.03). The firm had revenue of $4.51 million for the quarter, compared to analysts’ expectations of $4.37 million. D-Wave Quantum had a negative net margin of 1,188.79% and a negative return on equity of 15.39%. During the same period last year, the firm posted ($0.41) EPS. On average, equities research analysts forecast that D-Wave Quantum Inc. will post -0.50 EPS for the current year.

Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently bought and sold shares of QBTS. CoreCap Advisors LLC boosted its position in D-Wave Quantum by 9.2% during the 2nd quarter. CoreCap Advisors LLC now owns 6,115 shares of the company’s stock worth $147,000 after acquiring an additional 515 shares during the period. GAMMA Investing LLC raised its stake in shares of D-Wave Quantum by 21.7% during the third quarter. GAMMA Investing LLC now owns 3,922 shares of the company’s stock valued at $65,000 after purchasing an additional 698 shares in the last quarter. Allworth Financial LP raised its stake in shares of D-Wave Quantum by 6.3% during the third quarter. Allworth Financial LP now owns 16,980 shares of the company’s stock valued at $281,000 after purchasing an additional 1,013 shares in the last quarter. Fiduciary Financial Advisors bought a new stake in shares of D-Wave Quantum during the second quarter valued at about $25,000. Finally, Strengthening Families & Communities LLC lifted its holdings in D-Wave Quantum by 72.6% in the third quarter. Strengthening Families & Communities LLC now owns 2,473 shares of the company’s stock worth $41,000 after purchasing an additional 1,040 shares during the period. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

D-Wave Quantum develops quantum computing systems, software and services for commercial, government and research users. The company focuses on quantum annealing, an approach designed to help solve complex optimization and sampling problems, and offers hybrid tools that combine quantum processing with classical computing. Its offerings include Advantage quantum computers, the Leap quantum cloud service, and software for building and running applications. D-Wave’s technology is used to explore challenges such as scheduling, resource allocation and supply-chain optimization.