D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.3% - Time to Sell?

Key Points

• D-Wave Quantum's stock price fell by 2.3%, trading between $14.76 and $15.18, with a substantial drop in trading volume reportedly down by 87% from the average.
• Several research firms have upgraded their target prices for D-Wave Quantum, with a consensus rating of "Buy" and a target price of $19.27 based on recent analyses.
• D-Wave's recent quarterly earnings report showed a revenue increase of 40.9% year-over-year, although it reported a larger-than-expected loss of ($0.08) EPS.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price traded down 2.3% on Monday . The company traded as low as $14.76 and last traded at $15.18. 8,873,853 shares were traded during trading, a decline of 87% from the average session volume of 66,974,359 shares. The stock had previously closed at $15.54.

Wall Street Analysts Forecast Growth

A number of research firms have commented on QBTS. B. Riley lifted their target price on shares of D-Wave Quantum from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Stifel Nicolaus assumed coverage on D-Wave Quantum in a report on Tuesday, August 5th. They issued a "buy" rating and a $26.00 price objective for the company. Piper Sandler increased their target price on D-Wave Quantum from $13.00 to $22.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Rosenblatt Securities began coverage on D-Wave Quantum in a research report on Tuesday, July 29th. They issued a "buy" rating and a $30.00 target price on the stock. Finally, Canaccord Genuity Group began coverage on D-Wave Quantum in a research note on Wednesday, July 23rd. They set a "buy" rating and a $20.00 price target for the company. Eleven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, D-Wave Quantum has a consensus rating of "Buy" and a consensus price target of $19.27.

D-Wave Quantum Price Performance

The firm has a market cap of $5.20 billion, a P/E ratio of -14.48 and a beta of 1.41. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86. The stock's 50-day simple moving average is $16.65 and its two-hundred day simple moving average is $11.94.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The firm had revenue of $3.10 million for the quarter, compared to analysts' expectations of $2.55 million. The firm's revenue was up 40.9% on a year-over-year basis. 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 D-Wave Quantum news, Director Roger Biscay sold 106,626 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.85, for a total value of $1,796,648.10. Following the completion of the sale, the director directly owned 14,260 shares in the company, valued at approximately $240,281. This represents a 88.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John D. Dilullo sold 15,000 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $16.40, for a total transaction of $246,000.00. Following the completion of the sale, the director owned 44,295 shares in the company, valued at $726,438. This represents a 25.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 378,787 shares of company stock valued at $6,389,513. Insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently added to or reduced their stakes in the business. Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum in the fourth quarter worth about $26,000. Reyes Financial Architecture Inc. purchased a new position in D-Wave Quantum during the second quarter worth approximately $29,000. Atlantic Union Bankshares Corp purchased a new stake in shares of D-Wave Quantum in the second quarter valued at approximately $29,000. Parallel Advisors LLC raised its stake in shares of D-Wave Quantum by 227.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock worth $32,000 after buying an additional 1,532 shares during the period. Finally, Gables Capital Management Inc. acquired a new position in shares of D-Wave Quantum during the 2nd quarter worth approximately $37,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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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