D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.1% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded down 6.1% on Friday . The stock traded as low as $26.20 and last traded at $26.97. 37,935,028 shares traded hands during trading, a decline of 39% from the average session volume of 61,891,504 shares. The stock had previously closed at $28.73.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Evercore ISI started coverage on D-Wave Quantum in a report on Wednesday. They set an “outperform” rating and a $44.00 target price on the stock. Canaccord Genuity Group upped their price target on D-Wave Quantum from $20.00 to $41.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Williams Trading set a $35.00 price objective on D-Wave Quantum in a report on Monday, November 10th. Rosenblatt Securities boosted their target price on shares of D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a report on Friday, November 7th. Finally, Piper Sandler upped their target price on shares of D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Twelve research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $29.85.

D-Wave Quantum Stock Down 6.1%

The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49. The stock has a 50 day simple moving average of $29.60 and a 200-day simple moving average of $21.57. The firm has a market cap of $9.44 billion, a PE ratio of -19.98 and a beta of 1.57.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The firm had revenue of $3.74 million for the quarter, compared to analysts’ expectations of $3.03 million. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.D-Wave Quantum’s quarterly revenue was up 105.6% on a year-over-year basis. Sell-side analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $179,300.00. Following the completion of the transaction, the director directly owned 47,778 shares of the company’s stock, valued at approximately $856,659.54. The trade was a 17.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Alan E. Baratz sold 168,102 shares of the stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $23.17, for a total transaction of $3,894,923.34. Following the sale, the chief executive officer owned 2,633,163 shares in the company, valued at approximately $61,010,386.71. The trade was a 6.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,379,813 shares of company stock valued at $36,891,986 in the last quarter. 3.20% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

A number of institutional investors and hedge funds have recently modified their holdings of QBTS. Vanguard Group Inc. increased its holdings in D-Wave Quantum by 41.2% in the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after buying an additional 11,218,255 shares in the last quarter. UBS Group AG boosted its holdings in shares of D-Wave Quantum by 541.6% during the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after acquiring an additional 10,205,427 shares during the last quarter. Marex Group plc bought a new stake in shares of D-Wave Quantum in the second quarter worth approximately $80,070,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of D-Wave Quantum in the second quarter worth approximately $45,372,000. Finally, Clear Street Group Inc. purchased a new position in shares of D-Wave Quantum during the third quarter valued at approximately $75,344,000. Institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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.