D-Wave Quantum (NYSE:QBTS) Shares Down 1.6% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was down 1.6% during mid-day trading on Tuesday . The company traded as low as $18.66 and last traded at $18.7410. Approximately 21,538,855 shares traded hands during trading, a decline of 32% from the average daily volume of 31,780,918 shares. The stock had previously closed at $19.04.

Analyst Ratings Changes

Several equities analysts have recently weighed in on QBTS shares. Zacks Research cut shares of D-Wave Quantum from a “hold” rating to a “strong sell” rating in a research note on Friday, March 6th. TD Cowen began coverage on shares of D-Wave Quantum in a report on Thursday, February 12th. They set a “buy” rating for the company. Wedbush initiated coverage on shares of D-Wave Quantum in a research report on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Monday, December 29th. Finally, Roth Mkm cut their price objective on shares of D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Fourteen research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.50.

D-Wave Quantum Stock Down 5.9%

The company’s fifty day moving average is $22.84 and its 200-day moving average is $25.08. The company has a market capitalization of $6.58 billion, a PE ratio of -16.19 and a beta of 1.61. The company has a debt-to-equity ratio of 0.04, a quick ratio of 42.25 and a current ratio of 42.38.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.04). The firm had revenue of $2.75 million for the quarter, compared to analysts’ expectations of $3.74 million. D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. As a group, analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In other news, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $24.28, for a total value of $242,800.00. Following the transaction, the director directly owned 37,778 shares in the company, valued at $917,249.84. The trade was a 20.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Markovich sold 100,000 shares of the company’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $30.03, for a total value of $3,003,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,471,312 shares of the company’s stock, valued at approximately $44,183,499.36. This trade represents a 6.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 967,466 shares of company stock worth $28,820,666. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Root Financial Partners LLC boosted its stake in D-Wave Quantum by 388.0% in the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after purchasing an additional 776 shares during the period. Kemnay Advisory Services Inc. purchased a new position in shares of D-Wave Quantum in the fourth quarter worth $28,000. Atlantic Union Bankshares Corp purchased a new position in shares of D-Wave Quantum in the second quarter worth $29,000. EverSource Wealth Advisors LLC boosted its position in shares of D-Wave Quantum by 267.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after acquiring an additional 838 shares during the last quarter. Finally, Ancora Advisors LLC purchased a new position in D-Wave Quantum during the third quarter valued at $30,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

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.