D-Wave Quantum (NYSE:QBTS) Stock Price Down 6% - Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price traded down 6% during mid-day trading on Thursday . The company traded as low as $9.54 and last traded at $9.96. 61,925,312 shares were traded during mid-day trading, an increase of 107% from the average session volume of 29,911,155 shares. The stock had previously closed at $10.60.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. B. Riley raised their price objective 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. Needham & Company LLC reissued a "buy" rating and set a $8.50 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm lifted their price objective 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. Craig Hallum increased their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. Finally, 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. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $8.42.

D-Wave Quantum Stock Up 0.6 %

The firm has a market cap of $2.26 billion, a PE ratio of -20.02 and a beta of 1.12. The firm has a 50-day moving average price of $6.31 and a two-hundred day moving average price of $4.22.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its 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 firm had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. Research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock in a transaction on Friday, January 10th. The stock was sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the transaction, the insider now owns 37,278,688 shares in the company, valued at $228,891,144.32. The trade was a 6.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the company'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 directly owns 1,064,556 shares of the company's stock, valued at $5,610,210.12. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,071,206 shares of company stock valued at $46,758,181 in the last ninety days. 7.22% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. lifted its stake in D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after purchasing an additional 3,624,407 shares in the last quarter. Bank of America Corp DE boosted its holdings in D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after acquiring an additional 2,497,263 shares during the period. UNICOM Systems Inc. purchased a new position in D-Wave Quantum during the 4th quarter valued at about $20,258,000. Penserra Capital Management LLC grew its position in D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after acquiring an additional 839,942 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock worth $2,513,000 after purchasing an additional 645,039 shares during the period. Institutional investors and hedge funds 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.