D-Wave Quantum (NASDAQ:QBTS) Stock Price Up 2.2% – What’s Next?

Shares of D-Wave Quantum Inc. (NASDAQ:QBTS) shot up 2.2% during trading on Thursday . The company traded as high as $18.37 and last traded at $17.90. Approximately 18,993,191 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 28,565,836 shares. The stock had previously closed at $17.51.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on QBTS shares. BMO Capital Markets started coverage on shares of D-Wave Quantum in a report on Thursday, August 20th. They set an “outperform” rating and a $35.00 price target on the stock. Wall Street Zen raised shares of D-Wave Quantum from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Benchmark assumed coverage on shares of D-Wave Quantum in a research report on Monday, July 27th. They issued a “buy” rating and a $30.00 target price on the stock. Jefferies Financial Group set a $40.00 target price on shares of D-Wave Quantum in a research note on Friday, August 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a report on Friday, August 7th. Thirteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $36.27.

D-Wave Quantum Stock Down 5.1%

The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of -23.93 and a beta of 2.15. The company has a quick ratio of 20.42, a current ratio of 20.55 and a debt-to-equity ratio of 0.03. The stock has a 50 day moving average price of $19.98 and a 200 day moving average price of $20.17.

D-Wave Quantum (NASDAQ:QBTS) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The firm had revenue of $3.08 million during the quarter, compared to analyst estimates of $4.03 million. During the same period in the prior year, the company earned ($0.08) EPS. The business’s quarterly revenue was down 0.6 compared to the same quarter last year. As a group, analysts forecast that D-Wave Quantum Inc. will post -0.46 EPS for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $25.71, for a total value of $5,142,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,142,820 shares in the company, valued at approximately $29,381,902.20. This represents a 14.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alan E. Baratz sold 687,627 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the transaction, the chief executive officer directly owned 3,299,771 shares of the company’s stock, valued at $86,223,016.23. The trade was a 17.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,012,065 shares of company stock worth $26,245,703. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors have recently made changes to their positions in QBTS. Fiduciary Financial Advisors bought a new position in shares of D-Wave Quantum during the second quarter worth about $25,000. Root Financial Partners LLC boosted its holdings in D-Wave Quantum by 388.0% in the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after acquiring an additional 776 shares during the last quarter. Parallel Advisors LLC increased its position in D-Wave Quantum by 545.5% during the 1st quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock valued at $26,000 after purchasing an additional 1,511 shares during the period. Kemnay Advisory Services Inc. acquired a new stake in D-Wave Quantum during the 4th quarter valued at approximately $28,000. Finally, PeakShares LLC acquired a new stake in D-Wave Quantum during the 1st quarter valued at approximately $29,000. 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.