D-Wave Quantum (NYSE:QBTS) Shares Down 0.7% – Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS) shares dropped 0.7% during trading on Monday . The company traded as low as $7.11 and last traded at $7.53. Approximately 16,809,341 shares were traded during trading, a decline of 47% from the average daily volume of 31,959,691 shares. The stock had previously closed at $7.58.

Analyst Ratings Changes

QBTS has been the subject of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Roth Mkm increased their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Benchmark restated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. B. Riley increased their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Finally, Craig Hallum lifted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Price Performance

The company has a 50 day moving average price of $6.69 and a 200 day moving average price of $4.57. The firm has a market cap of $2.16 billion, a PE ratio of -17.68 and a beta of 1.12.

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

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the transaction, the insider now directly owns 30,000,000 shares of the company’s stock, valued at $122,100,000. This represents a 19.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the completion of the sale, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 10,071,206 shares of company stock valued at $46,758,181. Corporate 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 company. Fourth Dimension Wealth LLC acquired a new position in D-Wave Quantum during the fourth quarter worth $26,000. PNC Financial Services Group Inc. acquired a new position in shares of D-Wave Quantum during the 4th quarter worth $38,000. Heritage Wealth Advisors purchased a new stake in shares of D-Wave Quantum in the 4th quarter worth about $67,000. Kingsview Wealth Management LLC acquired a new stake in D-Wave Quantum in the 4th quarter valued at about $84,000. Finally, Summit Investment Advisors Inc. increased its holdings in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

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.