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

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

Wall Street Analysts Forecast Growth

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

D-Wave Quantum Trading Down 8.9 %

The stock has a market capitalization of $2.14 billion, a P/E ratio of -17.49 and a beta of 1.12. The firm’s fifty day moving average is $6.58 and its 200-day moving average is $4.38.

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

Insider Activity

In related news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $228,891,144.32. This trade represents a 6.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,071,206 shares of company stock worth $46,758,181. 7.22% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently modified their holdings of QBTS. 111 Capital bought a new position in D-Wave Quantum in the fourth quarter valued at approximately $123,000. Ameriflex Group Inc. acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at $205,000. Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth $26,000. Voloridge Investment Management LLC bought a new stake in D-Wave Quantum in the fourth quarter valued at about $2,063,000. Finally, Squarepoint Ops LLC bought a new stake in D-Wave Quantum in the fourth quarter valued at about $1,989,000. 42.47% of the stock is owned by institutional investors.

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.