D-Wave Quantum (NYSE:QBTS) Trading Down 4.5% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was down 4.5% during mid-day trading on Tuesday . The stock traded as low as $17.74 and last traded at $18.1980. Approximately 21,438,989 shares were traded during trading, a decline of 27% from the average daily volume of 29,494,238 shares. The stock had previously closed at $19.06.

Analysts Set New Price Targets

Several research analysts have recently issued reports on QBTS shares. Canaccord Genuity Group lowered their price objective on D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, May 13th. Cantor Fitzgerald reissued an “overweight” rating and issued a $40.00 target price on shares of D-Wave Quantum in a research report on Wednesday, May 13th. Mizuho decreased their target price on D-Wave Quantum from $31.00 to $29.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Needham & Company LLC reissued a “buy” rating and issued a $40.00 target price on shares of D-Wave Quantum in a research report on Wednesday, May 13th. Finally, Northland Securities initiated coverage on D-Wave Quantum in a research report on Monday, April 20th. They issued a “market perform” rating and a $22.00 target price for the company. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.67.

D-Wave Quantum Trading Down 4.5%

The company has a 50 day simple moving average of $18.06 and a 200 day simple moving average of $22.47. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $6.73 billion, a PE ratio of -16.10 and a beta of 1.95.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03. The firm had revenue of $2.86 million during the quarter, compared to the consensus estimate of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The firm’s revenue was down 80.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.02) EPS. Analysts predict that D-Wave Quantum Inc. will post -0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, CFO John M. Markovich sold 10,706 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $17.63, for a total transaction of $188,746.78. Following the completion of the sale, the chief financial officer directly owned 1,451,427 shares of the company’s stock, valued at $25,588,658.01. This represents a 0.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John D. Dilullo sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $18.01, for a total value of $144,080.00. Following the sale, the director directly owned 19,803 shares of the company’s stock, valued at approximately $356,652.03. This represents a 28.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 31,776 shares of company stock valued at $574,571 in the last quarter. 3.20% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Csenge Advisory Group raised its stake in shares of D-Wave Quantum by 99.1% during the 3rd quarter. Csenge Advisory Group now owns 35,886 shares of the company’s stock worth $887,000 after buying an additional 17,860 shares in the last quarter. Mutual Advisors LLC purchased a new position in shares of D-Wave Quantum during the 3rd quarter worth approximately $1,069,000. Federated Hermes Inc. raised its stake in shares of D-Wave Quantum by 259,560.6% during the 3rd quarter. Federated Hermes Inc. now owns 184,359 shares of the company’s stock worth $4,556,000 after buying an additional 184,288 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of D-Wave Quantum by 370.9% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 96,248 shares of the company’s stock worth $2,378,000 after buying an additional 75,807 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of D-Wave Quantum by 254.7% in the 4th quarter. SG Americas Securities LLC now owns 2,272,020 shares of the company’s stock worth $59,413,000 after acquiring an additional 1,631,415 shares during the period. 42.47% of the stock is owned by hedge funds and other institutional investors.

About D-Wave Quantum

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.