D-Wave Quantum (NYSE:QBTS) Trading Down 3% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS) shares dropped 3% on Tuesday . The stock traded as low as $8.36 and last traded at $8.46. Approximately 22,464,191 shares were traded during trading, a decline of 28% from the average daily volume of 31,184,574 shares. The stock had previously closed at $8.72.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on QBTS shares. Benchmark reiterated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Roth Mkm raised their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, March 14th. B. Riley boosted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Craig Hallum lifted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Needham & Company LLC reissued a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Price Performance

The company’s 50-day moving average is $6.53 and its 200-day moving average is $4.36. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of -19.26 and a beta of 1.12.

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

Insider Buying and Selling at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock in a transaction on Friday, January 10th. The shares were sold at an average price of $6.14, for a total value of $17,060,382.96. Following the completion of the sale, the insider now owns 37,278,688 shares in the company, valued at approximately $228,891,144.32. The trade was a 6.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Markovich sold 5,582 shares of the stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,071,206 shares of company stock valued at $46,758,181 over the last 90 days. 7.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in QBTS. Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at about $26,000. PNC Financial Services Group Inc. bought a new position in D-Wave Quantum in the fourth quarter worth about $38,000. Heritage Wealth Advisors acquired a new position in D-Wave Quantum in the fourth quarter valued at approximately $67,000. Kingsview Wealth Management LLC acquired a new position in D-Wave Quantum in the fourth quarter valued at approximately $84,000. Finally, Summit Investment Advisors Inc. grew its holdings in shares of D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after purchasing an additional 1,766 shares during the last quarter. 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.