D-Wave Quantum (NYSE:QBTS) Stock Price Down 3% – Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price fell 3% during mid-day trading on Tuesday . The stock traded as low as $17.44 and last traded at $17.42. 31,043,114 shares were traded during trading, a decline of 31% from the average session volume of 44,886,010 shares. The stock had previously closed at $17.95.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on QBTS. Benchmark raised their price target on D-Wave Quantum from $8.00 to $14.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Needham & Company LLC raised their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, May 9th. B. Riley raised 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 report on Friday, March 14th. Finally, Roth Mkm upped their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $10.17.

D-Wave Quantum Stock Performance

The firm has a market cap of $4.99 billion, a price-to-earnings ratio of -40.67 and a beta of 1.49. The business’s 50 day moving average price is $10.77 and its 200 day moving average price is $7.94.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. Sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 845,813 shares of D-Wave Quantum stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the transaction, the chief executive officer now directly owns 2,866,412 shares of the company’s stock, valued at $48,729,004. The trade was a 22.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roger Biscay sold 15,675 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $16.58, for a total transaction of $259,891.50. Following the completion of the transaction, the director now owns 203,147 shares of the company’s stock, valued at $3,368,177.26. This trade represents a 7.16% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,358,009 shares of company stock valued at $23,282,578. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. bLong Financial LLC grew its stake in shares of D-Wave Quantum by 5.2% in the 1st quarter. bLong Financial LLC now owns 24,092 shares of the company’s stock valued at $183,000 after purchasing an additional 1,200 shares during the last quarter. Baird Financial Group Inc. boosted its stake in shares of D-Wave Quantum by 12.0% during the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after acquiring an additional 1,300 shares in the last quarter. Victory Capital Management Inc. boosted its position in D-Wave Quantum by 5.8% during the first quarter. Victory Capital Management Inc. now owns 31,097 shares of the company’s stock worth $236,000 after purchasing an additional 1,698 shares in the last quarter. Summit Investment Advisors Inc. lifted its holdings in shares of D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after purchasing an additional 1,766 shares in the last quarter. Finally, Invesco Ltd. increased its position in D-Wave Quantum by 5.1% during the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock worth $358,000 after buying an additional 2,051 shares in the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.