D-Wave Quantum (NYSE:QBTS) Shares Down 7.4% - Should You Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) fell 7.4% during mid-day trading on Tuesday . The stock traded as low as $16.95 and last traded at $17.41. 61,993,452 shares were traded during trading, an increase of 46% from the average session volume of 42,549,147 shares. The stock had previously closed at $18.80.

Wall Street Analyst Weigh In

QBTS has been the topic of a number of research reports. Benchmark boosted their price objective on D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Needham & Company LLC boosted their price target 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. 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. Finally, Roth Mkm lifted their price objective on shares of 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 equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $10.17.

D-Wave Quantum Trading Down 8.9%

The stock has a fifty day moving average of $8.92 and a 200-day moving average of $6.85. The firm has a market capitalization of $4.99 billion, a price-to-earnings ratio of -40.71 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to analysts' expectations of $10.50 million. As a group, equities research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Roger Biscay sold 15,675 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total value of $259,891.50. Following the completion of the sale, the director now owns 203,147 shares of the company's stock, valued at $3,368,177.26. This trade represents a 7.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO John M. Markovich sold 400,000 shares of D-Wave Quantum stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total value of $6,920,000.00. Following the transaction, the chief financial officer now owns 1,577,944 shares in the company, valued at $27,298,431.20. This represents a 20.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,358,009 shares of company stock worth $23,282,578 over the last 90 days. 7.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of the business. bLong Financial LLC boosted its holdings in shares of D-Wave Quantum by 5.2% during the first quarter. bLong Financial LLC now owns 24,092 shares of the company's stock worth $183,000 after purchasing an additional 1,200 shares during the period. Baird Financial Group Inc. boosted its stake in shares of D-Wave Quantum by 12.0% during the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock valued at $92,000 after buying an additional 1,300 shares during the period. Victory Capital Management Inc. grew its holdings in shares of D-Wave Quantum by 5.8% during 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. increased its stake 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 last quarter. Finally, Invesco Ltd. increased its stake in shares of D-Wave Quantum by 5.1% in the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company's stock worth $358,000 after acquiring an additional 2,051 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company's stock.

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.

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