D-Wave Quantum (NYSE:QBTS) Trading Down 2.8% - Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded down 2.8% during trading on Monday . The company traded as low as $17.66 and last traded at $18.10. 25,088,838 shares changed hands during trading, a decline of 44% from the average session volume of 44,817,532 shares. The stock had previously closed at $18.62.

Wall Street Analysts Forecast Growth

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

D-Wave Quantum Stock Down 2.3%

The company's 50 day simple moving average is $10.97 and its two-hundred day simple moving average is $8.00. The company has a market capitalization of $4.83 billion, a price-to-earnings ratio of -39.38 and a beta of 1.49.

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

Insider Activity

In other D-Wave Quantum news, CEO Alan E. Baratz sold 845,813 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total value of $14,378,821.00. Following the completion of the transaction, the chief executive officer now owns 2,866,412 shares of the company's stock, valued at approximately $48,729,004. This trade represents a 22.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Roger Biscay sold 15,675 shares of D-Wave Quantum stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total transaction of $259,891.50. Following the sale, the director now owns 203,147 shares of the company's stock, valued at $3,368,177.26. The trade was a 7.16% 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 over the last 90 days. 7.22% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

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

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.