D-Wave Quantum (NYSE:QBTS) Trading Down 6.4% - Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price traded down 6.4% on Wednesday . The stock traded as low as $6.42 and last traded at $6.48. 8,595,389 shares were traded during mid-day trading, a decline of 89% from the average session volume of 75,867,859 shares. The stock had previously closed at $6.92.

Analyst Upgrades and Downgrades

QBTS has been the subject of several research reports. Needham & Company LLC restated a "buy" rating and set a $8.50 price objective on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. B. Riley upped their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Craig Hallum increased their price target 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. Benchmark reissued a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Finally, Roth Mkm upped their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of "Buy" and a consensus target price of $8.42.

D-Wave Quantum Stock Performance

The firm has a market capitalization of $1.86 billion, a PE ratio of -15.20 and a beta of 0.88. The firm's 50 day moving average price is $6.98 and its 200-day moving average price is $5.10.

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

Insider Buying and Selling

In other D-Wave Quantum news, 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 completion of the transaction, the chief financial officer now owns 1,064,556 shares of the company's stock, valued at $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.22% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after buying an additional 17,225 shares in the last quarter. Barclays PLC boosted its position in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company's stock worth $117,000 after acquiring an additional 89,894 shares during the last quarter. Geode Capital Management LLC grew its stake 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 valued at $2,513,000 after acquiring an additional 645,039 shares in the last quarter. Silverleafe Capital Partners LLC acquired a new stake in D-Wave Quantum in the 4th quarter valued at about $820,000. Finally, Sovereign Financial Group Inc. purchased a new position in D-Wave Quantum in the 4th quarter worth approximately $179,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.