D-Wave Quantum (NYSE:QBTS) Trading Down 0.5% - Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares were down 0.5% on Thursday . The company traded as low as $7.93 and last traded at $8.23. Approximately 17,506,633 shares traded hands during trading, a decline of 80% from the average daily volume of 85,533,406 shares. The stock had previously closed at $8.27.

Analysts Set New Price Targets

A number of brokerages have issued reports on QBTS. Benchmark reaffirmed a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley raised their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Needham & Company LLC reiterated a "buy" rating and issued a $8.50 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm raised their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Finally, Craig Hallum upped their price target on 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 equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $8.42.

D-Wave Quantum Trading Down 6.0 %

The firm has a market cap of $2.21 billion, a price-to-earnings ratio of -18.04 and a beta of 1.12. The company has a 50 day moving average of $6.62 and a 200 day moving average of $4.45.

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

Insider Activity

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the company's stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares of the company's stock, 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. Insiders sold 10,071,206 shares of company stock worth $46,758,181 over the last quarter. 7.22% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. 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 about $38,000. Heritage Wealth Advisors acquired a new position in shares of D-Wave Quantum during the 4th quarter worth about $67,000. Kingsview Wealth Management LLC bought a new position in shares of D-Wave Quantum in the 4th quarter valued at about $84,000. Finally, Summit Investment Advisors Inc. increased its position 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 acquiring an additional 1,766 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.