D-Wave Quantum (NYSE:QBTS) Shares Down 1.7% - Time to Sell?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) dropped 1.7% during mid-day trading on Tuesday . The stock traded as low as $27.50 and last traded at $28.86. Approximately 33,211,749 shares traded hands during trading, a decline of 48% from the average daily volume of 64,144,660 shares. The stock had previously closed at $29.37.

Wall Street Analysts Forecast Growth

• An Earnings Win With a Stock Slump: What's Happening With D-Wave?

A number of research firms have recently issued reports on QBTS. B. Riley boosted their price target on shares of D-Wave Quantum from $22.00 to $33.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of D-Wave Quantum in a research report on Tuesday, October 14th. Needham & Company LLC reiterated a "buy" rating on shares of D-Wave Quantum in a report on Monday, August 4th. Cantor Fitzgerald increased their price objective on D-Wave Quantum from $20.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Canaccord Genuity Group raised their price objective on D-Wave Quantum from $20.00 to $41.00 and gave the stock a "buy" rating in a research report on Friday. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $28.67.

Get Our Latest Stock Analysis on QBTS

D-Wave Quantum Price Performance

• MarketBeat Week in Review – 11/03 - 11/07

The company's fifty day moving average price is $28.37 and its 200 day moving average price is $19.90. The company has a market capitalization of $9.87 billion, a P/E ratio of -21.38 and a beta of 1.53. The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.02. The business had revenue of $3.74 million during the quarter, compared to analysts' expectations of $3.03 million. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The firm's revenue for the quarter was up 105.6% on a year-over-year basis. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling

• 3 Potential Scenarios to Watch for in D-Wave's Earnings Report

In related news, Director Rohit Ghai sold 10,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $179,300.00. Following the completion of the sale, the director owned 47,778 shares of the company's stock, valued at $856,659.54. This represents a 17.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $143,440.00. Following the sale, the director owned 36,295 shares in the company, valued at $650,769.35. The trade was a 18.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 107,363 shares of company stock worth $2,859,478 in the last ninety days. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the stock. Reyes Financial Architecture Inc. bought a new position in D-Wave Quantum in the 2nd quarter valued at $29,000. Atlantic Union Bankshares Corp purchased a new stake in D-Wave Quantum during the second quarter worth about $29,000. Financial Consulate Inc. purchased a new stake in D-Wave Quantum during the third quarter worth about $31,000. Parallel Advisors LLC raised its position in D-Wave Quantum by 227.3% in the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock worth $32,000 after acquiring an additional 1,532 shares during the period. Finally, Gables Capital Management Inc. purchased a new position in D-Wave Quantum in the second quarter valued at about $37,000. Institutional investors and hedge funds own 42.47% of the company's stock.

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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