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

D-Wave Quantum logo with Computer and Technology background

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.

Check Out Our Latest Stock Analysis on QBTS

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

(Get Free Report)

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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