D-Wave Quantum (NYSE:QBTS) Shares Down 3.5% – Time to Sell?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were down 3.5% during mid-day trading on Tuesday . The company traded as low as $20.42 and last traded at $20.47. Approximately 18,516,149 shares were traded during trading, a decline of 50% from the average daily volume of 36,748,965 shares. The stock had previously closed at $21.21.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on QBTS shares. Canaccord Genuity Group set a $43.00 price target on D-Wave Quantum in a research report on Thursday, January 29th. Williams Trading set a $35.00 target price on shares of D-Wave Quantum in a report on Monday, November 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a report on Wednesday, January 28th. Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. Finally, Evercore started coverage on D-Wave Quantum in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $44.00 price objective for the company. Thirteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.21.

D-Wave Quantum Price Performance

The company’s 50 day simple moving average is $26.18 and its 200 day simple moving average is $24.84. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $7.57 billion, a PE ratio of -15.16 and a beta of 1.56.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 793,712 shares of D-Wave Quantum stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $30.13, for a total value of $23,914,542.56. Following the completion of the sale, the chief executive officer owned 2,633,163 shares in the company, valued at $79,337,201.19. The trade was a 23.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $24.28, for a total transaction of $242,800.00. Following the transaction, the director directly owned 37,778 shares of the company’s stock, valued at approximately $917,249.84. This represents a 20.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,540,628 shares of company stock worth $42,313,780. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of QBTS. Osaic Holdings Inc. raised its holdings in D-Wave Quantum by 125.7% in the second quarter. Osaic Holdings Inc. now owns 247,004 shares of the company’s stock valued at $3,616,000 after acquiring an additional 137,549 shares in the last quarter. UNICOM Systems Inc. increased its position in shares of D-Wave Quantum by 12.1% in the 3rd quarter. UNICOM Systems Inc. now owns 3,121,346 shares of the company’s stock worth $77,128,000 after purchasing an additional 337,838 shares during the last quarter. IFP Advisors Inc lifted its position in shares of D-Wave Quantum by 123.8% during the second quarter. IFP Advisors Inc now owns 14,814 shares of the company’s stock worth $217,000 after purchasing an additional 8,194 shares during the last quarter. Csenge Advisory Group grew its stake in D-Wave Quantum by 99.1% in the third quarter. Csenge Advisory Group now owns 35,886 shares of the company’s stock worth $887,000 after purchasing an additional 17,860 shares in the last quarter. Finally, World Investment Advisors acquired a new position in D-Wave Quantum in the second quarter worth about $190,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.