D-Wave Quantum (NYSE:QBTS) Shares Down 2% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price fell 2% during mid-day trading on Wednesday . The company traded as low as $21.15 and last traded at $21.39. Approximately 16,820,327 shares were traded during mid-day trading, a decline of 44% from the average session volume of 29,969,354 shares. The stock had previously closed at $21.83.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Stifel Nicolaus set a $35.00 price target on D-Wave Quantum in a research note on Tuesday, June 2nd. Jefferies Financial Group reaffirmed a “buy” rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Mizuho boosted their target price on D-Wave Quantum from $29.00 to $35.00 and gave the stock an “outperform” rating in a research report on Monday, June 15th. Northland Securities assumed coverage on D-Wave Quantum in a report on Monday, April 20th. They issued a “market perform” rating and a $22.00 target price on the stock. Finally, Wedbush started coverage on D-Wave Quantum in a research report on Monday. They issued an “outperform” rating and a $40.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued 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 company has a consensus rating of “Moderate Buy” and an average target price of $36.80.

D-Wave Quantum Stock Down 2.0%

The firm’s fifty day simple moving average is $22.25 and its 200-day simple moving average is $20.71. The company has a market cap of $7.91 billion, a PE ratio of -18.93 and a beta of 2.11. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The firm had revenue of $2.86 million during the quarter, compared to the consensus estimate of $4.19 million. During the same period in the previous year, the firm posted ($0.02) EPS. The company’s quarterly revenue was down 80.9% compared to the same quarter last year. As a group, equities research analysts expect that D-Wave Quantum Inc. will post -0.42 earnings per share for the current fiscal year.

Insider Activity at D-Wave Quantum

In related news, VP Sophie C. Ames sold 23,025 shares of D-Wave Quantum stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $18.98, for a total transaction of $437,014.50. Following the completion of the sale, the vice president owned 596,803 shares in the company, valued at approximately $11,327,320.94. This trade represents a 3.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 328,752 shares of D-Wave Quantum stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $27.70, for a total transaction of $9,106,430.40. Following the sale, the chief financial officer owned 1,442,820 shares of the company’s stock, valued at approximately $39,966,114. This trade represents a 18.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,363,842 shares of company stock valued at $35,789,148 in the last ninety days. 1.30% of the stock is owned by insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds have recently bought and sold shares of QBTS. Massachusetts Financial Services Co. MA purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at $1,114,000. World Investment Advisors lifted its position in D-Wave Quantum by 195.7% during the fourth quarter. World Investment Advisors now owns 41,691 shares of the company’s stock worth $1,090,000 after buying an additional 27,592 shares during the period. Allspring Global Investments Holdings LLC lifted its position in D-Wave Quantum by 319.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 98,747 shares of the company’s stock worth $1,353,000 after buying an additional 75,198 shares during the period. Clear Street Group Inc. boosted its stake in D-Wave Quantum by 40.4% in the 4th quarter. Clear Street Group Inc. now owns 4,281,254 shares of the company’s stock worth $111,955,000 after buying an additional 1,232,106 shares during the last quarter. Finally, Cibc World Market Inc. boosted its stake in D-Wave Quantum by 295.0% in the 4th quarter. Cibc World Market Inc. now owns 54,760 shares of the company’s stock worth $1,432,000 after buying an additional 40,897 shares during the last quarter. Institutional investors and hedge funds 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.