D-Wave Quantum (NYSE:QBTS) Stock Price Down 3.2% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price fell 3.2% during mid-day trading on Monday . The company traded as low as $27.83 and last traded at $29.17. 48,729,059 shares were traded during trading, an increase of 52% from the average session volume of 32,144,949 shares. The stock had previously closed at $30.14.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on QBTS. Wall Street Zen downgraded D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $40.00 target price on shares of D-Wave Quantum in a report on Wednesday, May 13th. TD Cowen initiated coverage on D-Wave Quantum in a report on Thursday, February 12th. They issued a “buy” rating on the stock. Jefferies Financial Group reissued a “buy” rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Finally, Northland Securities initiated 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. Fourteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.67.

D-Wave Quantum Price Performance

The firm has a 50 day moving average price of $19.54 and a 200 day moving average price of $22.10. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. The stock has a market cap of $10.79 billion, a P/E ratio of -25.81 and a beta of 2.05.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) 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 for the quarter, compared to the consensus estimate of $4.19 million. During the same quarter last year, the company earned ($0.02) earnings per share. The business’s revenue for the quarter was down 80.9% compared to the same quarter last year. On average, analysts forecast that D-Wave Quantum Inc. will post -0.44 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director John D. Dilullo sold 8,000 shares of the firm’s 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 transaction, the director owned 19,803 shares of the company’s stock, valued at $356,652.03. This trade represents a 28.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $17.62, for a total value of $176,200.00. Following the sale, the director owned 27,778 shares of the company’s stock, valued at $489,448.36. This represents a 26.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 383,553 shares of company stock worth $10,118,016 over the last ninety days. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Institutional investors have recently made changes to their positions in the business. Huntington National Bank grew its holdings in D-Wave Quantum by 17.9% during the 3rd quarter. Huntington National Bank now owns 3,300 shares of the company’s stock valued at $82,000 after buying an additional 500 shares in the last quarter. Sigma Planning Corp boosted its holdings in shares of 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 purchasing an additional 560 shares during the period. AlphaStar Capital Management LLC lifted its stake in shares of D-Wave Quantum by 2.2% during the 4th quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company’s stock worth $708,000 after acquiring an additional 592 shares during the last quarter. Noble Wealth Management PBC lifted its stake in shares of D-Wave Quantum by 6.7% during the 4th quarter. Noble Wealth Management PBC now owns 9,600 shares of the company’s stock worth $251,000 after acquiring an additional 600 shares during the last quarter. Finally, Thoroughbred Financial Services LLC lifted its stake in shares of D-Wave Quantum by 0.5% during the 4th quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company’s stock worth $3,447,000 after acquiring an additional 602 shares during the last quarter. Hedge funds and other institutional investors 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.