D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.1% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS) shares fell 6.1% on Friday . The company traded as low as $26.20 and last traded at $26.97. 37,935,028 shares traded hands during trading, a decline of 39% from the average session volume of 61,891,504 shares. The stock had previously closed at $28.73.

Analyst Upgrades and Downgrades

QBTS has been the topic of a number of research reports. Weiss Ratings restated a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Tuesday. Piper Sandler increased their target price on D-Wave Quantum from $13.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, August 8th. Rosenblatt Securities raised their target price 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. Roth Capital set a $40.00 price target on shares of D-Wave Quantum in a research report on Thursday, November 6th. Finally, Benchmark increased their price objective on shares of D-Wave Quantum from $20.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Twelve analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.85.

D-Wave Quantum Stock Down 6.1%

The company has a fifty day simple moving average of $29.60 and a 200-day simple moving average of $21.57. 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 cap of $9.44 billion, a P/E ratio of -19.98 and a beta of 1.57.

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

Insider Activity

In other news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $179,300.00. Following the completion of the sale, the director directly owned 47,778 shares of the company’s stock, valued at $856,659.54. This represents a 17.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John M. Markovich sold 200,000 shares of the firm’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $22.94, for a total transaction of $4,588,000.00. Following the sale, the chief financial officer owned 1,482,874 shares in the company, valued at $34,017,129.56. The trade was a 11.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,379,813 shares of company stock worth $36,891,986 in the last quarter. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in D-Wave Quantum by 41.2% during the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after acquiring an additional 11,218,255 shares during the period. UBS Group AG boosted its stake in shares of D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after acquiring an additional 10,205,427 shares during the period. Marex Group plc purchased a new stake in shares of D-Wave Quantum during the second quarter worth about $80,070,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of D-Wave Quantum during the second quarter worth about $45,372,000. Finally, Clear Street Group Inc. bought a new stake in D-Wave Quantum during the 3rd quarter valued at approximately $75,344,000. Hedge funds and other 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.