D-Wave Quantum (NYSE:QBTS) Stock Price Down 3.1% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price dropped 3.1% during trading on Thursday . The company traded as low as $6.75 and last traded at $7.11. Approximately 13,924,678 shares were traded during trading, a decline of 57% from the average daily volume of 32,277,048 shares. The stock had previously closed at $7.34.

Analysts Set New Price Targets

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

D-Wave Quantum Stock Performance

The company has a market capitalization of $2.09 billion, a P/E ratio of -17.06 and a beta of 1.12. The firm’s fifty day moving average is $6.71 and its 200 day moving average is $4.59.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The firm had revenue of $2.31 million during the quarter, compared to analysts’ expectations of $2.23 million. On average, analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in the business. Fourth Dimension Wealth LLC bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $26,000. PNC Financial Services Group Inc. bought a new position in D-Wave Quantum in the fourth quarter worth approximately $38,000. Heritage Wealth Advisors bought a new position in D-Wave Quantum in the fourth quarter worth approximately $67,000. Kingsview Wealth Management LLC purchased a new stake in D-Wave Quantum during the fourth quarter worth $84,000. Finally, Summit Investment Advisors Inc. boosted its position in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 shares in the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.