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

D-Wave Quantum Inc. (NYSE:QBTS) fell 3% during trading on Tuesday . The company traded as low as $8.36 and last traded at $8.46. 22,464,191 shares traded hands during trading, a decline of 28% from the average session volume of 31,184,574 shares. The stock had previously closed at $8.72.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on QBTS shares. Benchmark reaffirmed a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm upped 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. Craig Hallum raised their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. B. Riley upped their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $8.50 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Performance

The company has a 50 day simple moving average of $6.40 and a 200 day simple moving average of $4.28. The company has a market capitalization of $2.34 billion, a PE ratio of -20.74 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to analysts’ expectations of $2.23 million. As a group, equities research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the sale, the insider now owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,071,206 shares of company stock worth $46,758,181 over the last ninety days. Corporate insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Fourth Dimension Wealth LLC purchased a new stake in D-Wave Quantum in the fourth quarter valued at $26,000. PNC Financial Services Group Inc. purchased a new stake in D-Wave Quantum in the 4th quarter valued at about $38,000. Heritage Wealth Advisors acquired a new position in D-Wave Quantum in the fourth quarter valued at about $67,000. Kingsview Wealth Management LLC purchased a new position in D-Wave Quantum during the fourth quarter worth about $84,000. Finally, Summit Investment Advisors Inc. increased its position in shares of D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after acquiring an additional 1,766 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.