D-Wave Quantum (NYSE:QBTS) Shares Down 0.9% – Should You Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) dropped 0.9% during mid-day trading on Friday . The stock traded as low as $6.30 and last traded at $6.39. Approximately 14,109,297 shares were traded during trading, a decline of 58% from the average daily volume of 33,601,658 shares. The stock had previously closed at $6.44.

Analyst Ratings Changes

QBTS has been the subject of a number of research reports. Needham & Company LLC reiterated a “buy” rating and issued a $8.50 price objective on shares of D-Wave Quantum in a report on Wednesday, April 2nd. B. Riley upped their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Roth Mkm lifted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Finally, Benchmark restated a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Stock Down 0.9 %

The stock has a market cap of $1.86 billion, a P/E ratio of -15.20 and a beta of 0.88. The company has a 50-day simple moving average of $6.98 and a two-hundred day simple moving average of $5.13.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Alan E. Baratz sold 8,372 shares of the company’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 transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after buying an additional 17,225 shares in the last quarter. Barclays PLC lifted its position in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after acquiring an additional 89,894 shares during the period. Geode Capital Management LLC boosted its stake in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares in the last quarter. Silverleafe Capital Partners LLC purchased a new stake in D-Wave Quantum in the fourth quarter worth about $820,000. Finally, Sovereign Financial Group Inc. purchased a new stake in D-Wave Quantum in the fourth quarter worth about $179,000. 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.