D-Wave Quantum (NYSE:QBTS) Trading Down 5.7% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was down 5.7% on Monday . The company traded as low as $5.97 and last traded at $6.06. Approximately 5,813,218 shares changed hands during trading, a decline of 92% from the average daily volume of 74,326,773 shares. The stock had previously closed at $6.42.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Benchmark reaffirmed a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Needham & Company LLC reissued a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a report on Wednesday, April 2nd. Finally, B. Riley boosted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Down 6.1 %

The company has a market cap of $1.76 billion, a price-to-earnings ratio of -14.36 and a beta of 0.88. The business has a fifty day simple moving average of $6.98 and a 200 day simple moving average of $5.16.

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

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the completion of the transaction, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. raised its position in shares of D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after buying an additional 1,766 shares during the last quarter. Invesco Ltd. grew its stake in D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock worth $358,000 after acquiring an additional 2,051 shares during the period. Corebridge Financial Inc. raised its holdings in D-Wave Quantum by 5.0% in the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock valued at $413,000 after acquiring an additional 2,342 shares during the last quarter. Veracity Capital LLC lifted its stake in shares of D-Wave Quantum by 9.3% during the 1st quarter. Veracity Capital LLC now owns 29,725 shares of the company’s stock worth $226,000 after purchasing an additional 2,532 shares during the period. Finally, Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth $26,000. Institutional investors and hedge funds 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.