D-Wave Quantum (NYSE:QBTS) Trading Up 4.6% – Still a Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were up 4.6% on Thursday . The company traded as high as $14.38 and last traded at $14.3260. Approximately 17,120,970 shares traded hands during trading, a decline of 41% from the average daily volume of 28,857,809 shares. The stock had previously closed at $13.70.

Analysts Set New Price Targets

A number of equities research analysts have commented on QBTS shares. Wedbush assumed coverage on D-Wave Quantum in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price objective for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $43.00 target price on shares of D-Wave Quantum in a report on Wednesday, January 28th. Canaccord Genuity Group set a $43.00 price target on shares of D-Wave Quantum in a research report on Thursday, January 29th. TD Cowen initiated coverage on shares of D-Wave Quantum in a research note on Thursday, February 12th. They set a “buy” rating for the company. Finally, Needham & Company LLC lowered their price objective on shares of D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Fourteen analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, D-Wave Quantum presently has an average rating of “Moderate Buy” and an average price target of $36.50.

D-Wave Quantum Price Performance

The stock has a market capitalization of $5.30 billion, a P/E ratio of -13.02 and a beta of 1.78. The business has a fifty day simple moving average of $18.47 and a 200 day simple moving average of $24.98. The company has a current ratio of 42.38, a quick ratio of 42.25 and a debt-to-equity ratio of 0.04.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The company had revenue of $2.75 million during the quarter, compared to the consensus estimate of $3.74 million. The business’s revenue was up 21.7% compared to the same quarter last year. On average, analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Activity

In other D-Wave Quantum news, CFO John M. Markovich sold 10,706 shares of D-Wave Quantum stock in a transaction on Friday, March 13th. The shares were sold at an average price of $17.63, for a total transaction of $188,746.78. Following the transaction, the chief financial officer directly owned 1,451,427 shares of the company’s stock, valued at $25,588,658.01. The trade was a 0.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $17.62, for a total transaction of $176,200.00. Following the transaction, the director directly owned 27,778 shares in the company, valued at $489,448.36. The trade was a 26.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 72,898 shares of company stock valued at $1,749,054 over the last quarter. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in D-Wave Quantum by 41.2% during the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after acquiring an additional 11,218,255 shares during the period. UBS Group AG increased its position in shares of D-Wave Quantum by 541.6% during the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after purchasing an additional 10,205,427 shares during the last quarter. Geode Capital Management LLC increased its position in shares of D-Wave Quantum by 11.5% during the 4th quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock valued at $220,085,000 after purchasing an additional 866,405 shares during the last quarter. State Street Corp raised its stake in shares of D-Wave Quantum by 5.3% during the 4th quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after purchasing an additional 385,809 shares during the period. Finally, Marex Group plc purchased a new position in shares of D-Wave Quantum in the 2nd quarter worth about $80,070,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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.