D-Wave Quantum (NYSE:QBTS) Trading Down 10.6% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price fell 10.6% during mid-day trading on Monday . The company traded as low as $31.96 and last traded at $33.1460. 46,306,667 shares were traded during mid-day trading, a decline of 29% from the average session volume of 64,843,238 shares. The stock had previously closed at $37.06.

Analysts Set New Price Targets

A number of analysts have recently weighed in on QBTS shares. Canaccord Genuity Group assumed coverage on shares of D-Wave Quantum in a report on Wednesday, July 23rd. They issued a “buy” rating and a $20.00 price target on the stock. Stifel Nicolaus assumed coverage on D-Wave Quantum in a research report on Tuesday, August 5th. They issued a “buy” rating and a $26.00 price objective for the company. Zacks Research cut D-Wave Quantum from a “hold” rating to a “strong sell” rating in a research note on Monday, October 6th. Rosenblatt Securities started coverage on D-Wave Quantum in a research note on Tuesday, July 29th. They set a “buy” rating and a $30.00 price target on the stock. Finally, Wall Street Zen lowered shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $20.27.

D-Wave Quantum Stock Performance

The company has a market capitalization of $11.34 billion, a PE ratio of -31.57 and a beta of 1.53. The firm has a 50-day moving average of $26.61 and a two-hundred day moving average of $18.90. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). The business had revenue of $3.10 million during the quarter, compared to analysts’ expectations of $2.55 million. D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.D-Wave Quantum’s revenue for the quarter was up 40.9% on a year-over-year basis. Research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In related news, Director John D. Dilullo sold 8,000 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $143,440.00. Following the sale, the director directly owned 36,295 shares in the company, valued at approximately $650,769.35. The trade was a 18.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Markovich sold 100,000 shares of D-Wave Quantum stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $18.00, for a total transaction of $1,800,000.00. Following the sale, the chief financial officer owned 1,558,753 shares of the company’s stock, valued at approximately $28,057,554. This represents a 6.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 207,363 shares of company stock worth $4,659,478. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of D-Wave Quantum by 34.6% in the third quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $46,000 after purchasing an additional 482 shares during the period. Blue Bell Private Wealth Management LLC boosted its position in D-Wave Quantum by 5.3% in the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 9,901 shares of the company’s stock valued at $245,000 after buying an additional 500 shares during the period. bLong Financial LLC grew its stake in shares of D-Wave Quantum by 2.3% in the second quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock worth $361,000 after acquiring an additional 551 shares in the last quarter. Capital Advisory Group Advisory Services LLC raised its stake in shares of D-Wave Quantum by 3.0% in the second quarter. Capital Advisory Group Advisory Services LLC now owns 22,167 shares of the company’s stock valued at $325,000 after acquiring an additional 646 shares in the last quarter. Finally, Center for Financial Planning Inc. boosted its holdings in D-Wave Quantum by 23.6% in the second quarter. Center for Financial Planning Inc. now owns 3,645 shares of the company’s stock valued at $53,000 after purchasing an additional 695 shares during the period. Institutional investors and hedge funds own 42.47% of the company’s stock.

About D-Wave Quantum

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.