D-Wave Quantum (NYSE:QBTS) Trading Down 3% - Should You Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price was down 3% on Tuesday . The company traded as low as $17.44 and last traded at $17.42. Approximately 31,043,114 shares were traded during trading, a decline of 31% from the average daily volume of 44,886,010 shares. The stock had previously closed at $17.95.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Needham & Company LLC increased their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, May 9th. B. Riley raised their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Roth Mkm raised their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Finally, Benchmark raised 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. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has an average rating of "Buy" and an average price target of $10.17.

D-Wave Quantum Stock Performance

The company has a 50 day simple moving average of $10.97 and a two-hundred day simple moving average of $8.00. The company has a market cap of $4.83 billion, a PE 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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. As a group, analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO John M. Markovich sold 400,000 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was 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 owns 1,577,944 shares of the company's stock, valued at $27,298,431.20. This trade represents a 20.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Roger Biscay sold 15,675 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total value of $259,891.50. Following the sale, the director now directly owns 203,147 shares in the company, valued at approximately $3,368,177.26. This represents a 7.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,358,009 shares of company stock worth $23,282,578 over the last three months. 7.22% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $26,000. PNC Financial Services Group Inc. acquired a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $38,000. Russell Investments Group Ltd. boosted its stake in shares of 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 acquiring an additional 3,165 shares during the period. Signaturefd LLC increased its holdings in shares of D-Wave Quantum by 106.1% during the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company's stock worth $44,000 after acquiring an additional 2,971 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in shares of D-Wave Quantum by 107.8% during the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company's stock worth $48,000 after acquiring an additional 3,266 shares during the last quarter. 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.