D-Wave Quantum (NASDAQ:QBTS) Stock Price Down 1.4% – Time to Sell?

D-Wave Quantum Inc. (NASDAQ:QBTS)’s stock price fell 1.4% during mid-day trading on Friday . The company traded as low as $16.43 and last traded at $16.58. Approximately 12,782,918 shares traded hands during trading, a decline of 54% from the average session volume of 28,011,309 shares. The stock had previously closed at $16.82.

Wall Street Analysts Forecast Growth

Several research firms recently commented on QBTS. Cantor Fitzgerald reiterated an “overweight” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a report on Wednesday, May 13th. Roth Capital reaffirmed a “buy” rating and set a $30.00 price target on shares of D-Wave Quantum in a report on Thursday, August 6th. Wall Street Zen upgraded shares of D-Wave Quantum from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Stifel Nicolaus set a $35.00 price objective on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Finally, Zacks Research downgraded shares of D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Thirteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.27.

D-Wave Quantum Stock Performance

The company has a market cap of $6.13 billion, a PE ratio of -23.35 and a beta of 2.15. The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42. The business has a 50-day moving average of $19.44 and a 200 day moving average of $20.08.

D-Wave Quantum (NASDAQ:QBTS) last announced its earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $3.08 million during the quarter, compared to analysts’ expectations of $4.03 million. D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.The company’s revenue for the quarter was down 0.6 on a year-over-year basis. During the same period in the previous year, the business posted ($0.08) earnings per share. Equities research analysts anticipate that D-Wave Quantum Inc. will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 687,627 shares of D-Wave Quantum stock in a transaction on Monday, June 8th. The shares were sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the transaction, the chief executive officer owned 3,299,771 shares in the company, valued at $86,223,016.23. This trade represents a 17.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Rohit Ghai sold 13,518 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $26.41, for a total transaction of $357,010.38. Following the sale, the director directly owned 23,617 shares of the company’s stock, valued at approximately $623,724.97. The trade was a 36.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,001,307 shares of company stock worth $25,963,780 over the last quarter. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in D-Wave Quantum during the second quarter valued at about $795,206,000. UBS Group AG grew its stake in shares of D-Wave Quantum by 541.6% during the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after acquiring an additional 10,205,427 shares during the period. California State Teachers Retirement System increased its holdings in D-Wave Quantum by 2,336.6% in the 2nd quarter. California State Teachers Retirement System now owns 9,922,576 shares of the company’s stock worth $238,043,000 after acquiring an additional 9,515,341 shares in the last quarter. Geode Capital Management LLC increased its holdings in D-Wave Quantum by 11.5% in the 4th quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock worth $220,085,000 after acquiring an additional 866,405 shares in the last quarter. Finally, State Street Corp raised its stake in D-Wave Quantum by 5.3% during the 4th quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after acquiring an additional 385,809 shares during the period. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.