D-Wave Quantum (NYSE:QBTS) Trading Down 2.9% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS) traded down 2.9% during mid-day trading on Thursday . The stock traded as low as $15.77 and last traded at $16.05. 24,912,202 shares were traded during trading, a decline of 45% from the average session volume of 45,440,128 shares. The stock had previously closed at $16.53.

Analyst Upgrades and Downgrades

QBTS has been the subject of a number of recent analyst reports. Roth Mkm upped their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Needham & Company LLC upped their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. B. Riley upped their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Finally, Benchmark upped their price target on shares of D-Wave Quantum from $8.00 to $14.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $10.17.

D-Wave Quantum Price Performance

The stock’s 50-day moving average is $11.54 and its two-hundred day moving average is $8.24. The stock has a market cap of $4.42 billion, a P/E ratio of -36.00 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. On average, analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Roger Biscay sold 15,675 shares of the company’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $16.58, for a total transaction of $259,891.50. Following the sale, the director now owns 203,147 shares of the company’s stock, valued at $3,368,177.26. This represents a 7.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Alan E. Baratz sold 845,813 shares of the company’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the sale, the chief executive officer now directly owns 2,866,412 shares in the company, valued at approximately $48,729,004. The trade was a 22.78% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,358,009 shares of company stock worth $23,282,578. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in QBTS. Rhumbline Advisers lifted its holdings in shares of D-Wave Quantum by 81.8% in the 1st quarter. Rhumbline Advisers now owns 242,515 shares of the company’s stock worth $1,843,000 after acquiring an additional 109,110 shares during the last quarter. Strs Ohio bought a new stake in shares of D-Wave Quantum in the 1st quarter worth about $139,000. Geneos Wealth Management Inc. bought a new stake in shares of D-Wave Quantum in the 1st quarter worth about $147,000. Focus Partners Wealth lifted its holdings in shares of D-Wave Quantum by 86.5% in the 1st quarter. Focus Partners Wealth now owns 42,947 shares of the company’s stock worth $326,000 after acquiring an additional 19,922 shares during the last quarter. Finally, Flaharty Asset Management LLC bought a new stake in shares of D-Wave Quantum in the 1st quarter worth about $91,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.