D-Wave Quantum (NYSE:QBTS) Shares Gap Down - Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $19.24, but opened at $18.85. D-Wave Quantum shares last traded at $18.52, with a volume of 8,169,879 shares changing hands.

Analyst Ratings Changes

QBTS has been the topic of a number of recent analyst reports. Needham & Company LLC boosted their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Benchmark reissued a "buy" rating and issued a $20.00 price target (up from $14.00) on shares of D-Wave Quantum in a report on Tuesday, June 17th. Cantor Fitzgerald began coverage on shares of D-Wave Quantum in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price objective for the company. Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Finally, B. Riley reissued a "buy" rating and set a $20.00 price objective (up previously from $13.00) on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $14.38.

D-Wave Quantum Price Performance

The company has a market capitalization of $5.51 billion, a PE ratio of -31.45 and a beta of 1.40. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73. The firm has a fifty day simple moving average of $15.84 and a 200 day simple moving average of $9.96.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to analysts' expectations of $10.50 million. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. Equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 58,644 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.21, for a total value of $950,619.24. Following the transaction, the director owned 132,673 shares in the company, valued at approximately $2,150,629.33. The trade was a 30.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 845,813 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the completion of the sale, the chief executive officer owned 2,866,412 shares of the company's stock, valued at $48,729,004. This represents a 22.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,636,796 shares of company stock valued at $27,872,091. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently made changes to their positions in the company. McGuire Investment Group LLC lifted its position in shares of D-Wave Quantum by 1,224.6% during the 2nd quarter. McGuire Investment Group LLC now owns 366,810 shares of the company's stock valued at $5,370,000 after acquiring an additional 339,117 shares during the period. Signaturefd LLC boosted its position in D-Wave Quantum by 24.2% during the second quarter. Signaturefd LLC now owns 7,168 shares of the company's stock worth $105,000 after purchasing an additional 1,397 shares during the period. Masso Torrence Wealth Management Inc. purchased a new stake in shares of D-Wave Quantum in the second quarter worth about $146,000. Wealth Management Partners LLC purchased a new stake in D-Wave Quantum in the second quarter valued at approximately $240,000. Finally, Bouvel Investment Partners LLC purchased a new position in shares of D-Wave Quantum during the second quarter worth approximately $2,145,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.