D-Wave Quantum (NASDAQ:QBTS) Trading Down 2.7% – Time to Sell?

D-Wave Quantum Inc. (NASDAQ:QBTS)’s share price traded down 2.7% during mid-day trading on Monday . The company traded as low as $20.02 and last traded at $20.19. 13,130,306 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 29,743,189 shares. The stock had previously closed at $20.76.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on QBTS shares. Canaccord Genuity Group set a $35.00 price objective on shares of D-Wave Quantum in a research report on Thursday, August 6th. Roth Capital reissued a “buy” rating and issued a $30.00 target price on shares of D-Wave Quantum in a research report on Thursday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $40.00 target price on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. B. Riley Financial upped their price target on D-Wave Quantum from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Wedbush initiated coverage on D-Wave Quantum in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $36.36.

D-Wave Quantum Price Performance

The company’s 50-day moving average price is $21.37 and its 200-day moving average price is $20.44. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. The firm has a market cap of $7.69 billion, a price-to-earnings ratio of -29.28 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The business had revenue of $3.08 million during the quarter, compared to analyst estimates of $4.03 million. D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 28.19%. The company’s revenue for the quarter was down 0.6 on a year-over-year basis. During the same quarter last year, the firm posted ($0.08) EPS. On average, equities research analysts forecast that D-Wave Quantum Inc. will post -0.42 EPS for the current year.

Insiders Place Their Bets

In related news, VP Sophie C. Ames sold 23,025 shares of D-Wave Quantum stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $18.98, for a total value of $437,014.50. Following the completion of the transaction, the vice president directly owned 596,803 shares in the company, valued at approximately $11,327,320.94. This trade represents a 3.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John D. Dilullo sold 7,850 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $24.43, for a total value of $191,775.50. Following the transaction, the director directly owned 21,310 shares of the company’s stock, valued at $520,603.30. The trade was a 26.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 1,363,842 shares of company stock valued at $35,789,148. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently bought and sold shares of the stock. Root Financial Partners LLC grew its position 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 buying an additional 776 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new stake in D-Wave Quantum in the fourth quarter valued at approximately $28,000. EverSource Wealth Advisors LLC raised its holdings in D-Wave Quantum by 267.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after acquiring an additional 838 shares in the last quarter. Mcguire Capital Advisors Inc. acquired a new stake in D-Wave Quantum in the fourth quarter valued at approximately $31,000. Finally, Ancora Advisors LLC purchased a new position in D-Wave Quantum in the third quarter worth approximately $30,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

About D-Wave Quantum

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.