D-Wave Quantum (NYSE:QBTS) Stock Price Down 6.7% - Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price dropped 6.7% on Friday . The company traded as low as $7.25 and last traded at $7.52. Approximately 17,423,668 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 31,805,571 shares. The stock had previously closed at $8.06.

Wall Street Analyst Weigh In

Several brokerages have commented on QBTS. Benchmark reissued a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a research report 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 research report on Friday, March 14th. Craig Hallum boosted 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. Roth Mkm increased their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Finally, B. Riley upped 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. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum currently has a consensus rating of "Buy" and an average price target of $8.42.

D-Wave Quantum Price Performance

The company's 50-day simple moving average is $6.62 and its 200-day simple moving average is $4.48. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of -18.08 and a beta of 1.12.

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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 analysts' consensus estimates of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to analysts' expectations of $2.23 million. Research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the firm's stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the business's stock in a transaction dated 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 approximately $228,891,144.32. This trade represents a 6.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,071,206 shares of company stock worth $46,758,181. 7.22% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in QBTS. Fourth Dimension Wealth LLC purchased a new stake in D-Wave Quantum during the fourth quarter valued at about $26,000. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum in the 4th quarter valued at approximately $38,000. Heritage Wealth Advisors bought a new stake in D-Wave Quantum during the 4th quarter valued at $67,000. Kingsview Wealth Management LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth $84,000. Finally, Summit Investment Advisors Inc. boosted 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 worth $87,000 after acquiring an additional 1,766 shares during the period. Hedge funds and other institutional investors 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.