D-Wave Quantum (NYSE:QBTS) Trading Down 0.2% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS) shares fell 0.2% on Friday . The company traded as low as $8.21 and last traded at $8.67. 37,023,565 shares changed hands during mid-day trading, an increase of 21% from the average session volume of 30,506,242 shares. The stock had previously closed at $8.69.

Wall Street Analysts Forecast Growth

QBTS has been the subject of a number of analyst reports. B. Riley lifted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Benchmark reissued a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Craig Hallum lifted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Roth Mkm increased their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $8.42.

D-Wave Quantum Trading Down 5.6 %

The stock has a market capitalization of $2.21 billion, a PE ratio of -19.52 and a beta of 1.12. The firm has a 50-day moving average price of $6.25 and a 200-day moving average price of $4.12.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. Sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the business’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now directly owns 30,000,000 shares in the company, valued at approximately $122,100,000. The trade was a 19.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,071,206 shares of company stock worth $46,758,181. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of QBTS. 111 Capital bought a new position in shares of D-Wave Quantum in the fourth quarter worth $123,000. Ameriflex Group Inc. purchased a new position in D-Wave Quantum during the fourth quarter worth about $205,000. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum in the 4th quarter worth about $26,000. Voloridge Investment Management LLC purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $2,063,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $1,989,000. 42.47% of the stock is owned by institutional investors.

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.