D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.6% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded down 6.6% during mid-day trading on Monday . The company traded as low as $18.33 and last traded at $19.0060. 24,526,094 shares were traded during trading, a decline of 17% from the average session volume of 29,570,818 shares. The stock had previously closed at $20.35.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on QBTS shares. Rosenblatt Securities reiterated a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a research report on Wednesday, May 13th. Roth Mkm reduced 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 note on Friday, February 27th. Canaccord Genuity Group decreased their target price on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating for the company in a report on Wednesday, May 13th. Weiss Ratings downgraded shares of D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 29th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $40.00 price target on shares of D-Wave Quantum in a research report on Wednesday, May 13th. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, D-Wave Quantum presently has an average rating of “Moderate Buy” and an average target price of $34.67.

D-Wave Quantum Stock Down 6.6%

The firm has a 50-day moving average of $18.05 and a two-hundred day moving average of $22.56. The stock has a market capitalization of $7.03 billion, a price-to-earnings ratio of -16.82 and a beta of 1.95. 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 announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $4.19 million. During the same period last year, the company posted ($0.02) EPS. The business’s quarterly revenue was down 80.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.44 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, March 5th. The shares were 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 in the company, valued at $356,652.03. The trade was a 28.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $17.62, for a total transaction of $176,200.00. Following the completion of the sale, the director directly owned 27,778 shares of the company’s stock, valued at $489,448.36. This represents a 26.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 31,776 shares of company stock worth $574,571 in the last ninety days. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company lifted its position in shares of D-Wave Quantum by 64.7% in the first quarter. The Manufacturers Life Insurance Company now owns 183,481 shares of the company’s stock worth $2,648,000 after buying an additional 72,100 shares during the last quarter. Quantinno Capital Management LP increased its holdings in shares of D-Wave Quantum by 38.1% during the 1st quarter. Quantinno Capital Management LP now owns 69,413 shares of the company’s stock valued at $1,002,000 after acquiring an additional 19,168 shares during the last quarter. Baader Bank Aktiengesellschaft bought a new position in shares of D-Wave Quantum in the 1st quarter valued at approximately $356,000. Florida Financial Advisors LLC lifted its holdings in D-Wave Quantum by 16.0% in the 1st quarter. Florida Financial Advisors LLC now owns 35,704 shares of the company’s stock worth $515,000 after purchasing an additional 4,927 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in D-Wave Quantum by 289.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 143,064 shares of the company’s stock worth $2,064,000 after purchasing an additional 106,324 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors.

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.