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

D-Wave Quantum Inc. (NYSE:QBTS) fell 5.7% during trading on Wednesday . The stock traded as low as $8.31 and last traded at $8.28. 33,578,236 shares changed hands during mid-day trading, an increase of 7% from the average session volume of 31,429,253 shares. The stock had previously closed at $8.78.

Analyst Ratings Changes

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

D-Wave Quantum Price Performance

The firm has a market capitalization of $2.39 billion, a PE ratio of -19.54 and a beta of 1.12. The firm has a fifty day moving average price of $6.48 and a 200 day moving average price of $4.33.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. On average, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity

In other news, 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 transaction of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,071,206 shares of company stock worth $46,758,181 in the last three months. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after buying an additional 3,624,407 shares in the last quarter. Geode Capital Management LLC raised its position in D-Wave Quantum by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock worth $24,992,000 after purchasing an additional 418,468 shares in the last quarter. Bank of America Corp DE lifted its stake in D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after purchasing an additional 2,497,263 shares during the period. UNICOM Systems Inc. acquired a new stake in D-Wave Quantum during the fourth quarter valued at approximately $20,258,000. Finally, State Street Corp grew its stake in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after purchasing an additional 17,225 shares during the period. 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.