D-Wave Quantum (NASDAQ:QBTS) Shares Down 2.1% – Should You Sell?

D-Wave Quantum Inc. (NASDAQ:QBTS)’s stock price traded down 2.1% on Tuesday. The stock traded as low as $16.37 and last traded at $16.43. 14,278,854 shares traded hands during trading, a decline of 47% from the average session volume of 27,070,041 shares. The stock had previously closed at $16.78.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Zacks Research downgraded shares of D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Wedbush started coverage on shares of D-Wave Quantum in a report on Monday, August 3rd. They set an “outperform” rating and a $40.00 target price for the company. Needham & Company LLC restated a “buy” rating and issued a $40.00 price target on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. Benchmark began coverage on D-Wave Quantum in a report on Monday, July 27th. They issued a “buy” rating and a $30.00 price target on the stock. Finally, B. Riley Financial increased their price objective on D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Thirteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $36.27.

D-Wave Quantum Trading Down 2.1%

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 stock has a market cap of $6.08 billion, a price-to-earnings ratio of -23.14 and a beta of 2.15. The company has a fifty day simple moving average of $18.21 and a 200-day simple moving average of $19.85.

D-Wave Quantum (NASDAQ:QBTS) last announced its earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.The firm had revenue of $3.08 million during the quarter, compared to analyst estimates of $4.03 million. During the same quarter in the previous year, the business earned ($0.08) earnings per share. The business’s quarterly revenue was down 0.6 compared to the same quarter last year. On average, research analysts forecast that D-Wave Quantum Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, VP Sophie Ames sold 3,070 shares of D-Wave Quantum stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $16.95, for a total transaction of $52,036.50. Following the transaction, the vice president directly owned 589,009 shares in the company, valued at approximately $9,983,702.55. The trade was a 0.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the business. Tidal Investments LLC purchased a new stake in D-Wave Quantum in the 2nd quarter worth about $372,000. Archford Capital Strategies LLC purchased a new position in D-Wave Quantum during the 2nd quarter valued at about $200,000. WINTON GROUP Ltd acquired a new position in shares of D-Wave Quantum in the 2nd quarter valued at about $6,720,000. NorthRock Partners LLC purchased a new stake in shares of D-Wave Quantum in the second quarter worth approximately $359,000. Finally, Integrated Wealth Concepts LLC lifted its position in shares of D-Wave Quantum by 18.2% in the second quarter. Integrated Wealth Concepts LLC now owns 17,136 shares of the company’s stock worth $411,000 after purchasing an additional 2,640 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

D-Wave Quantum Inc develops quantum computing systems, software, and services for commercial, government, and research customers. The company is best known for its quantum annealing technology, which is designed to help solve complex optimization problems involving areas such as logistics, scheduling, manufacturing, artificial intelligence, and financial modeling.

D-Wave also develops gate-model quantum computing technology and provides access to its systems through cloud-based services, including the Leap quantum application environment.