D-Wave Quantum (NYSE:QBTS) Shares Down 2.4% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was down 2.4% during mid-day trading on Wednesday . The company traded as low as $17.26 and last traded at $17.3640. Approximately 14,423,242 shares traded hands during trading, a decline of 53% from the average session volume of 30,547,768 shares. The stock had previously closed at $17.80.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on QBTS shares. Mizuho lifted their price target on shares of D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a research report on Monday, June 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $40.00 price objective on shares of D-Wave Quantum in a report on Wednesday, May 13th. Needham & Company LLC reiterated a “buy” rating and issued a $40.00 target price on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Roth Capital lifted their target price on shares of D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Canaccord Genuity Group cut 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 research report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, D-Wave Quantum presently has an average rating of “Moderate Buy” and a consensus price target of $36.80.

D-Wave Quantum Trading Down 2.4%

The company has a market capitalization of $6.42 billion, a P/E ratio of -15.37 and a beta of 2.11. The company has a 50-day simple moving average of $23.26 and a 200 day simple moving average of $21.48. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, beating 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 company had revenue of $2.86 million during the quarter, compared to analysts’ expectations of $4.19 million. During the same period in the prior year, the business earned ($0.02) earnings per share. D-Wave Quantum’s revenue for the quarter was down 80.9% compared to the same quarter last year. Sell-side analysts expect that D-Wave Quantum Inc. will post -0.42 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, Director John D. Dilullo sold 7,850 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $24.43, for a total value of $191,775.50. Following the sale, the director directly 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 document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 200,000 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $25.71, for a total transaction of $5,142,000.00. Following the transaction, the chief financial officer owned 1,142,820 shares in the company, valued at approximately $29,381,902.20. The trade was a 14.89% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 1,360,772 shares of company stock worth $35,737,111. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Root Financial Partners LLC lifted its position in shares of D-Wave Quantum by 388.0% in the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after acquiring an additional 776 shares during the period. Kemnay Advisory Services Inc. bought a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $28,000. EverSource Wealth Advisors LLC increased its position in shares of D-Wave Quantum by 267.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after purchasing an additional 838 shares during the period. Mcguire Capital Advisors Inc. acquired a new position in shares of D-Wave Quantum in the fourth quarter valued at $31,000. Finally, Ancora Advisors LLC bought a new position in D-Wave Quantum in the third quarter worth $30,000. 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.