D-Wave Quantum (NYSE:QBTS) Stock Price Down 5.7% – Time to Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded down 5.7% during mid-day trading on Monday . The company traded as low as $21.32 and last traded at $21.3890. 17,002,357 shares traded hands during trading, a decline of 73% from the average session volume of 62,318,309 shares. The stock had previously closed at $22.67.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on QBTS. 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 target on the stock. Roth Capital set a $40.00 target price on D-Wave Quantum in a research note on Thursday, November 6th. Rosenblatt Securities lifted their price target on D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of D-Wave Quantum in a report on Tuesday. Finally, Evercore ISI initiated coverage on shares of D-Wave Quantum in a research note on Wednesday. They issued an “outperform” rating and a $44.00 price objective on the stock. Twelve research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.85.

D-Wave Quantum Trading Up 11.5%

The business has a 50-day moving average price of $29.60 and a 200-day moving average price of $21.49. The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $8.79 billion, a P/E ratio of -18.59 and a beta of 1.57.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The firm had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. The business’s quarterly revenue was up 105.6% compared to the same quarter last year. Analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In other news, Director John D. Dilullo sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was 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. This represents a 18.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO John M. Markovich sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $22.94, for a total value of $4,588,000.00. Following the transaction, the chief financial officer owned 1,482,874 shares of the company’s stock, valued at $34,017,129.56. This trade represents a 11.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,379,813 shares of company stock worth $36,891,986 in the last three months. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in QBTS. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in D-Wave Quantum by 698.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,949 shares of the company’s stock valued at $760,000 after purchasing an additional 87,435 shares during the last quarter. Mackenzie Financial Corp bought a new position in shares of D-Wave Quantum in the first quarter valued at approximately $85,000. XTX Topco Ltd raised its stake in shares of D-Wave Quantum by 3.4% in the first quarter. XTX Topco Ltd now owns 65,799 shares of the company’s stock valued at $500,000 after acquiring an additional 2,159 shares during the last quarter. Blair William & Co. IL boosted its holdings in shares of D-Wave Quantum by 9.0% in the 1st quarter. Blair William & Co. IL now owns 30,438 shares of the company’s stock worth $231,000 after acquiring an additional 2,503 shares in the last quarter. Finally, IPG Investment Advisors LLC bought a new stake in D-Wave Quantum during the 1st quarter worth approximately $76,000. Institutional investors 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.