D-Wave Quantum (NYSE:QBTS) Stock Price Down 5.7% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price fell 5.7% during mid-day trading on Wednesday . The stock traded as low as $8.31 and last traded at $8.28. 33,578,236 shares changed hands during mid-day trading, an increase of 7% from the average session volume of 31,429,253 shares. The stock had previously closed at $8.78.

Analyst Ratings Changes

Several analysts recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $8.50 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. Roth Mkm lifted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, March 14th. B. Riley upped their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, Craig Hallum boosted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Trading Down 6.4 %

The stock’s 50 day moving average price is $6.48 and its two-hundred day moving average price is $4.33. The firm has a market capitalization of $2.39 billion, a PE ratio of -19.54 and a beta of 1.12.

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

Insider Activity at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,071,206 shares of company stock valued at $46,758,181. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp boosted its stake in shares of D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after purchasing an additional 17,225 shares during the period. Barclays PLC boosted its stake in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after acquiring an additional 89,894 shares during the last quarter. Geode Capital Management LLC grew its holdings in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares in the last quarter. Silverleafe Capital Partners LLC bought a new stake in shares of D-Wave Quantum in the 4th quarter worth about $820,000. Finally, Sovereign Financial Group Inc. bought a new position in shares of D-Wave Quantum during the fourth quarter worth about $179,000. Hedge funds and other 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.