D-Wave Quantum (NYSE:QBTS) Stock Price Down 3.3% – Should You Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded down 3.3% on Tuesday . The stock traded as low as $13.38 and last traded at $13.6730. 14,829,875 shares changed hands during trading, a decline of 48% from the average session volume of 28,418,773 shares. The stock had previously closed at $14.14.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Wedbush assumed coverage on D-Wave Quantum in a research note on Wednesday, December 17th. They set an “outperform” rating and a $35.00 target price for the company. Mizuho decreased their target price on D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, February 27th. Benchmark reiterated a “buy” rating and issued a $35.00 price target on shares of D-Wave Quantum in a research report on Friday, January 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of D-Wave Quantum in a research report on Friday, March 27th. Finally, Needham & Company LLC decreased their price target on D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Fourteen equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $36.50.

D-Wave Quantum Price Performance

The company has a current ratio of 42.38, a quick ratio of 42.25 and a debt-to-equity ratio of 0.04. The firm has a market cap of $5.06 billion, a price-to-earnings ratio of -12.43 and a beta of 1.78. The stock has a 50-day moving average of $18.28 and a two-hundred day moving average of $24.97.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The company had revenue of $2.75 million during the quarter, compared to analyst estimates of $3.74 million. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. On average, analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In related news, Director John D. Dilullo sold 8,000 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $18.01, for a total value of $144,080.00. Following the completion of the sale, the director directly owned 19,803 shares of the company’s stock, valued at approximately $356,652.03. This represents a 28.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 10,706 shares of the stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $17.63, for a total value of $188,746.78. Following the completion of the sale, the chief financial officer directly owned 1,451,427 shares of the company’s stock, valued at approximately $25,588,658.01. This represents a 0.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 72,898 shares of company stock valued at $1,749,054 in the last 90 days. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC lifted its stake in D-Wave Quantum by 34.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock worth $46,000 after acquiring an additional 482 shares in the last quarter. Blue Bell Private Wealth Management LLC lifted its stake in D-Wave Quantum by 5.3% in the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 9,901 shares of the company’s stock worth $245,000 after acquiring an additional 500 shares in the last quarter. Huntington National Bank lifted its stake in D-Wave Quantum by 17.9% in the 3rd quarter. Huntington National Bank now owns 3,300 shares of the company’s stock worth $82,000 after acquiring an additional 500 shares in the last quarter. bLong Financial LLC lifted its stake in D-Wave Quantum by 2.3% in the 2nd quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock worth $361,000 after acquiring an additional 551 shares in the last quarter. Finally, Sigma Planning Corp lifted its stake in D-Wave Quantum by 3.6% in the 4th quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock worth $431,000 after acquiring an additional 560 shares in the last quarter. 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.