D-Wave Quantum (NYSE:QBTS) Stock Price Down 3% - Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares traded down 3% during mid-day trading on Monday . The stock traded as low as $15.15 and last traded at $15.85. 23,857,133 shares were traded during mid-day trading, a decline of 45% from the average session volume of 43,536,815 shares. The stock had previously closed at $16.33.

Analysts Set New Price Targets

Several analysts have recently commented on QBTS shares. Roth Mkm increased 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. Benchmark boosted their target price on shares of D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. B. Riley increased their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Finally, Needham & Company LLC boosted their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum has a consensus rating of "Buy" and a consensus target price of $10.17.

D-Wave Quantum Trading Up 3.2%

The company has a market cap of $5.16 billion, a P/E ratio of -42.04 and a beta of 0.90. The firm's 50 day moving average price is $9.96 and its 200-day moving average price is $7.46.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The business had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. Analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 845,813 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total value of $14,378,821.00. Following the completion of the transaction, the chief executive officer now owns 2,866,412 shares of the company's stock, valued at $48,729,004. The trade was a 22.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Roger Biscay sold 96,521 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $17.86, for a total value of $1,723,865.06. Following the sale, the director now directly owns 106,626 shares in the company, valued at $1,904,340.36. The trade was a 47.51% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,358,009 shares of company stock worth $23,282,578. 7.22% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently modified their holdings of the business. bLong Financial LLC raised its holdings in D-Wave Quantum by 5.2% during the 1st quarter. bLong Financial LLC now owns 24,092 shares of the company's stock worth $183,000 after buying an additional 1,200 shares during the period. Baird Financial Group Inc. raised its holdings in shares of D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock worth $92,000 after acquiring an additional 1,300 shares during the period. Victory Capital Management Inc. lifted its position in D-Wave Quantum by 5.8% in the 1st quarter. Victory Capital Management Inc. now owns 31,097 shares of the company's stock valued at $236,000 after acquiring an additional 1,698 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after purchasing an additional 1,766 shares during the period. Finally, Invesco Ltd. increased its holdings in D-Wave Quantum by 5.1% during the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock worth $358,000 after purchasing an additional 2,051 shares in the last quarter. 42.47% of the stock is currently 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.