D-Wave Quantum (NYSE:QBTS) Shares Down 1.6% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS) dropped 1.6% on Tuesday . The stock traded as low as $18.66 and last traded at $18.7410. Approximately 21,538,855 shares changed hands during trading, a decline of 32% from the average daily volume of 31,780,918 shares. The stock had previously closed at $19.04.

Analysts Set New Price Targets

A number of equities analysts recently commented on QBTS shares. Zacks Research cut shares of D-Wave Quantum from a “hold” rating to a “strong sell” rating in a research note on Friday. Canaccord Genuity Group set a $43.00 price target on D-Wave Quantum in a report on Thursday, January 29th. Wall Street Zen lowered D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Rosenblatt Securities restated a “buy” rating and set a $43.00 price objective on shares of D-Wave Quantum in a report on Wednesday, January 28th. Finally, Jefferies Financial Group started coverage on D-Wave Quantum in a research report on Tuesday, December 16th. They set a “buy” rating and a $45.00 target price for the company. Fourteen investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $36.50.

D-Wave Quantum Price Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 42.25 and a current ratio of 42.38. The firm has a market capitalization of $6.93 billion, a PE ratio of -17.04 and a beta of 1.61. The stock has a fifty day moving average price of $23.13 and a 200-day moving average price of $25.10.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.04). D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The firm had revenue of $2.75 million for the quarter, compared to analysts’ expectations of $3.74 million. D-Wave Quantum’s revenue for the quarter was up 21.7% compared to the same quarter last year. Sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director John D. Dilullo sold 8,000 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $18.01, for a total transaction of $144,080.00. Following the transaction, the director directly owned 19,803 shares of the company’s stock, valued at $356,652.03. This represents a 28.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Alan E. Baratz sold 793,712 shares of the business’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $30.13, for a total transaction of $23,914,542.56. Following the sale, the chief executive officer directly owned 2,633,163 shares in the company, valued at $79,337,201.19. This trade represents a 23.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 967,466 shares of company stock valued at $28,820,666 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the business. Root Financial Partners LLC raised its holdings in shares of D-Wave Quantum by 388.0% during the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after purchasing an additional 776 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in D-Wave Quantum during the 4th quarter worth about $28,000. Atlantic Union Bankshares Corp purchased a new position in shares of D-Wave Quantum during the 2nd quarter valued at about $29,000. EverSource Wealth Advisors LLC lifted its holdings in shares of D-Wave Quantum by 267.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after buying an additional 838 shares during the period. Finally, Ancora Advisors LLC purchased a new stake in shares of D-Wave Quantum in the third quarter worth about $30,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.