D-Wave Quantum (NASDAQ:QBTS) Shares Down 8.4% – Time to Sell?

D-Wave Quantum Inc. (NASDAQ:QBTS) traded down 8.4% on Monday . The company traded as low as $18.66 and last traded at $18.68. Approximately 17,057,233 shares were traded during trading, a decline of 41% from the average session volume of 28,719,182 shares. The stock had previously closed at $20.39.

Analysts Set New Price Targets

QBTS has been the subject of several research reports. Benchmark began coverage on D-Wave Quantum in a research note on Monday, July 27th. They issued a “buy” rating and a $30.00 target price for the company. BMO Capital Markets started coverage on D-Wave Quantum in a report on Thursday. They issued an “outperform” rating and a $35.00 price target on the stock. Jefferies Financial Group set a $40.00 price objective on D-Wave Quantum in a research note on Friday, August 7th. Wedbush assumed coverage on D-Wave Quantum in a report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price objective for the company. Finally, Canaccord Genuity Group set a $35.00 target price on D-Wave Quantum in a research report on Thursday, August 6th. Thirteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, D-Wave Quantum presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.27.

D-Wave Quantum Trading Down 8.4%

The stock has a 50-day moving average price of $20.62 and a two-hundred day moving average price of $20.23. The company has a debt-to-equity ratio of 0.03, a quick ratio of 20.42 and a current ratio of 20.55. The stock has a market capitalization of $6.91 billion, a P/E ratio of -26.31 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS) last issued its earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The business had revenue of $3.08 million for the quarter, compared to analysts’ expectations of $4.03 million. D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The business’s revenue for the quarter was down 0.6 on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.08) earnings per share. On average, research analysts forecast that D-Wave Quantum Inc. will post -0.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Sophie C. Ames sold 3,070 shares of the business’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $16.95, for a total transaction of $52,036.50. Following the sale, the vice president owned 589,009 shares in the company, valued at approximately $9,983,702.55. The trade was a 0.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan E. Baratz sold 687,627 shares of D-Wave Quantum stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $26.13, for a total value of $17,967,693.51. Following the sale, the chief executive officer directly owned 3,299,771 shares of the company’s stock, valued at $86,223,016.23. This trade represents a 17.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 1,012,065 shares of company stock worth $26,245,703. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the business. Root Financial Partners LLC grew its holdings in D-Wave Quantum by 388.0% in the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after buying an additional 776 shares in the last quarter. Fiduciary Financial Advisors acquired a new stake in shares of D-Wave Quantum in the 2nd quarter worth $25,000. Kemnay Advisory Services Inc. purchased a new position in shares of D-Wave Quantum during the 4th quarter worth $28,000. EverSource Wealth Advisors LLC boosted its position in shares of D-Wave Quantum by 267.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after acquiring an additional 838 shares during the last quarter. Finally, Mcguire Capital Advisors Inc. acquired a new position in shares of D-Wave Quantum during the 4th quarter valued at about $31,000. 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.