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

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded down 2.2% during mid-day trading on Tuesday . The stock traded as low as $21.55 and last traded at $22.6080. 23,696,650 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 62,931,875 shares. The stock had previously closed at $23.11.

Wall Street Analyst Weigh In

QBTS has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating on shares of D-Wave Quantum in a report on Monday, August 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of D-Wave Quantum in a report on Wednesday. Williams Trading set a $35.00 price target on D-Wave Quantum in a research note on Monday, November 10th. Roth Capital set a $40.00 price target on shares of D-Wave Quantum in a research report on Thursday, November 6th. Finally, Benchmark boosted their price objective on shares of D-Wave Quantum from $20.00 to $35.00 and gave the company a “buy” rating in a report on Monday, November 10th. Eleven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $28.67.

D-Wave Quantum Trading Down 1.0%

The business has a 50-day moving average of $29.90 and a 200-day moving average of $21.11. The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49. The firm has a market cap of $7.83 billion, a price-to-earnings ratio of -16.57 and a beta of 1.53.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. The company had revenue of $3.74 million during the quarter, compared to the consensus estimate of $3.03 million. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The company’s revenue for the quarter was up 105.6% on a year-over-year basis. Research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other news, CFO John M. Markovich sold 200,000 shares of the stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $22.94, for a total value of $4,588,000.00. Following the transaction, the chief financial officer directly owned 1,482,874 shares of the company’s stock, valued at $34,017,129.56. This represents a 11.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $143,440.00. Following the completion of the transaction, the director directly owned 36,295 shares in the company, valued at approximately $650,769.35. This represents a 18.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,379,813 shares of company stock valued at $36,891,986 over the last 90 days. 3.20% of the stock is owned by insiders.

Institutional Trading of D-Wave Quantum

Several hedge funds have recently added to or reduced their stakes in QBTS. Reyes Financial Architecture Inc. bought a new position in D-Wave Quantum during the 2nd quarter worth $29,000. Atlantic Union Bankshares Corp bought a new position in shares of D-Wave Quantum during the second quarter worth approximately $29,000. Ancora Advisors LLC acquired a new stake in shares of D-Wave Quantum in the third quarter valued at approximately $30,000. Financial Consulate Inc. bought a new stake in shares of D-Wave Quantum in the third quarter valued at approximately $31,000. Finally, Parallel Advisors LLC grew its position in D-Wave Quantum by 227.3% during the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock worth $32,000 after buying an additional 1,532 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

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.