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

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

Analysts Set New Price Targets

QBTS has been the topic of several research reports. 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 report on Friday, March 14th. Needham & Company LLC lifted their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th. B. Riley increased their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Finally, Benchmark raised their target price on D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $10.17.

D-Wave Quantum Stock Up 0.6%

The company has a market cap of $4.77 billion, a P/E ratio of -38.95 and a beta of 0.90. The firm's 50-day moving average price is $9.44 and its 200-day moving average price is $7.10.

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

Insider Activity at D-Wave Quantum

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

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fourth Dimension Wealth LLC bought a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $26,000. PNC Financial Services Group Inc. purchased a new stake in D-Wave Quantum in the fourth quarter valued at approximately $38,000. Russell Investments Group Ltd. lifted its position in D-Wave Quantum by 133.9% during the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock valued at $42,000 after purchasing an additional 3,165 shares during the last quarter. Signaturefd LLC lifted its position in D-Wave Quantum by 106.1% during the first quarter. Signaturefd LLC now owns 5,771 shares of the company's stock valued at $44,000 after purchasing an additional 2,971 shares during the last quarter. Finally, Amalgamated Bank grew its stake in D-Wave Quantum by 107.8% in the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company's stock worth $48,000 after buying an additional 3,266 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.