D-Wave Quantum (NYSE:QBTS) Stock Price Down 1.6% - Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price traded down 1.6% on Wednesday . The stock traded as low as $16.86 and last traded at $17.26. 25,191,457 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 42,681,663 shares. The stock had previously closed at $17.55.

Analyst Upgrades and Downgrades

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

D-Wave Quantum Stock Performance

The stock has a market cap of $4.84 billion, a PE ratio of -39.61 and a beta of 0.90. The stock's 50-day moving average is $9.29 and its two-hundred day moving average is $7.00.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (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 forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, CFO John M. Markovich sold 400,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the sale, the chief financial officer now directly owns 1,577,944 shares in the company, valued at $27,298,431.20. This represents a 20.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Roger Biscay sold 96,521 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $17.86, for a total transaction of $1,723,865.06. Following the sale, the director now owns 106,626 shares in the company, valued at approximately $1,904,340.36. This trade represents a 47.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,358,009 shares of company stock worth $23,282,578 in the last ninety days. 7.22% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after purchasing an additional 3,624,407 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of D-Wave Quantum by 40.9% in the 4th quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock valued at $1,845,000 after purchasing an additional 63,799 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of D-Wave Quantum by 1,097.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company's stock valued at $1,916,000 after purchasing an additional 209,000 shares in the last quarter. Truist Financial Corp acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at $108,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of D-Wave Quantum by 20.6% in the 4th quarter. JPMorgan Chase & Co. now owns 46,804 shares of the company's stock valued at $393,000 after purchasing an additional 8,001 shares in the last quarter. 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.