D-Wave Quantum (NYSE:QBTS) Shares Down 2.2% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS) fell 2.2% on Wednesday . The company traded as low as $20.13 and last traded at $20.5870. Approximately 15,483,214 shares changed hands during trading, a decline of 51% from the average session volume of 31,680,391 shares. The stock had previously closed at $21.06.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Roth Capital raised their price objective on D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Rosenblatt Securities reissued a “buy” rating and set a $43.00 target price on shares of D-Wave Quantum in a report on Thursday, June 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $40.00 price target on shares of D-Wave Quantum in a research note on Wednesday, May 13th. Jefferies Financial Group reaffirmed a “buy” rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Finally, Northland Securities began coverage on shares of D-Wave Quantum in a research report on Monday, April 20th. They set a “market perform” rating and a $22.00 price objective for the company. Fourteen equities research 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’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $36.80.

D-Wave Quantum Price Performance

The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of -18.22 and a beta of 2.11. The company’s 50-day simple moving average is $23.78 and its 200-day simple moving average is $22.08. The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03. The company had revenue of $2.86 million for the quarter, compared to the consensus estimate of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The firm’s revenue for the quarter was down 80.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.02) earnings per share. Research analysts forecast that D-Wave Quantum Inc. will post -0.43 earnings per share for the current fiscal year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, Director John D. Dilullo sold 7,850 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $24.43, for a total transaction of $191,775.50. Following the transaction, the director owned 21,310 shares in the company, valued at $520,603.30. This trade represents a 26.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rohit Ghai sold 13,518 shares of D-Wave Quantum stock in a transaction on Monday, June 15th. The stock was sold at an average price of $26.41, for a total value of $357,010.38. Following the sale, the director directly owned 23,617 shares of the company’s stock, valued at $623,724.97. This represents a 36.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 1,363,842 shares of company stock worth $35,802,656. 1.30% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of QBTS. Root Financial Partners LLC grew its position in shares of D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after purchasing an additional 776 shares in the last quarter. Parallel Advisors LLC raised its position in shares of D-Wave Quantum by 545.5% in the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock valued at $26,000 after buying an additional 1,511 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $28,000. PeakShares LLC acquired a new stake in D-Wave Quantum during the first quarter worth approximately $29,000. Finally, EverSource Wealth Advisors LLC grew its position in D-Wave Quantum by 267.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after buying an additional 838 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

About D-Wave Quantum

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.