D-Wave Quantum (NASDAQ:QBTS) Shares Down 3.8% – Time to Sell?

D-Wave Quantum Inc. (NASDAQ:QBTS)’s share price fell 3.8% on Tuesday . The company traded as low as $16.39 and last traded at $16.54. 11,764,899 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 28,302,162 shares. The stock had previously closed at $17.20.

Analysts Set New Price Targets

A number of research analysts have commented on QBTS shares. Cantor Fitzgerald restated an “overweight” rating and set a $40.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, May 13th. BMO Capital Markets assumed coverage on D-Wave Quantum in a report on Thursday, August 20th. They set an “outperform” rating and a $35.00 price objective on the stock. Weiss Ratings upgraded shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 28th. Canaccord Genuity Group set a $35.00 price objective on D-Wave Quantum in a research note on Thursday, August 6th. Finally, Wedbush assumed coverage on D-Wave Quantum in a report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price target for the company. Thirteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.27.

D-Wave Quantum Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42. The stock’s 50-day simple moving average is $19.54 and its two-hundred day simple moving average is $20.10. The firm has a market cap of $6.17 billion, a P/E ratio of -23.51 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The company 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 firm’s revenue was down 0.6 on a year-over-year basis. During the same period in the prior year, the company earned ($0.08) earnings per share. Equities research analysts forecast that D-Wave Quantum Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Activity at D-Wave Quantum

In other news, VP Sophie C. Ames sold 3,070 shares of the firm’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 completion of the transaction, the vice president owned 589,009 shares in the company, valued at $9,983,702.55. This trade represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John D. Dilullo sold 7,850 shares of D-Wave Quantum stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $24.43, for a total transaction of $191,775.50. Following the transaction, the director directly owned 21,310 shares in the company, valued at approximately $520,603.30. The trade was a 26.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 1,009,157 shares of company stock worth $26,155,555. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fiduciary Financial Advisors purchased a new stake in shares of D-Wave Quantum in the second quarter worth approximately $25,000. Root Financial Partners LLC raised its position in D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after purchasing an additional 776 shares during the last quarter. Parallel Advisors LLC raised its holdings in D-Wave Quantum by 545.5% in the 1st quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock worth $26,000 after acquiring an additional 1,511 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of D-Wave Quantum during the 4th quarter valued at about $28,000. Finally, PeakShares LLC purchased a new position in shares of D-Wave Quantum in the first quarter valued at $29,000. 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.