D-Wave Quantum (NYSE:QBTS) Trading Down 6.7% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS) shares fell 6.7% during trading on Friday . The company traded as low as $7.25 and last traded at $7.52. 17,423,668 shares changed hands during trading, a decline of 45% from the average session volume of 31,805,571 shares. The stock had previously closed at $8.06.

Analyst Upgrades and Downgrades

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

D-Wave Quantum Stock Down 8.9 %

The firm has a market cap of $2.14 billion, a price-to-earnings ratio of -17.49 and a beta of 1.12. The company has a 50-day moving average price of $6.58 and a 200 day moving average price of $4.38.

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

Insider Activity

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

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently added to or reduced their stakes in the stock. 111 Capital bought a new stake in shares of D-Wave Quantum during the 4th quarter worth $123,000. Ameriflex Group Inc. acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $205,000. Fourth Dimension Wealth LLC bought a new position in shares of D-Wave Quantum in the fourth quarter worth about $26,000. Voloridge Investment Management LLC acquired a new position in shares of D-Wave Quantum during the 4th quarter worth about $2,063,000. Finally, Squarepoint Ops LLC bought a new stake in D-Wave Quantum during the 4th quarter valued at approximately $1,989,000. Institutional investors 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.