D-Wave Quantum (NASDAQ:QBTS) Stock Price Up 2.5% – What’s Next?

D-Wave Quantum Inc. (NASDAQ:QBTS) was up 2.5% during trading on Wednesday . The company traded as high as $21.00 and last traded at $20.74. 13,211,501 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 29,503,566 shares. The stock had previously closed at $20.23.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Weiss Ratings raised D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 23rd. Wedbush initiated coverage on shares of D-Wave Quantum in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price objective on the stock. Canaccord Genuity Group set a $35.00 price objective on shares of D-Wave Quantum in a research note on Thursday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 target price on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Finally, Benchmark initiated coverage on shares of D-Wave Quantum in a research note on Monday, July 27th. They issued a “buy” rating and a $30.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.36.

D-Wave Quantum Stock Up 2.6%

The company has a 50 day moving average price of $21.37 and a two-hundred day moving average price of $20.44. The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31. The stock has a market cap of $7.68 billion, a PE ratio of -29.23 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) 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 28.19%. The business had revenue of $3.08 million for the quarter, compared to analysts’ expectations of $4.03 million. During the same period last year, the business earned ($0.08) earnings per share. The company’s quarterly revenue was down 0.6 on a year-over-year basis. Analysts expect that D-Wave Quantum Inc. will post -0.42 EPS for the current year.

Insider Buying and Selling at D-Wave Quantum

In other news, CFO John M. Markovich sold 328,752 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $27.70, for a total transaction of $9,106,430.40. Following the sale, the chief financial officer owned 1,442,820 shares of the company’s stock, valued at $39,966,114. This trade represents a 18.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Rohit Ghai sold 13,518 shares of D-Wave Quantum stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $26.41, for a total transaction of $357,010.38. Following the completion of the sale, the director owned 23,617 shares of the company’s stock, valued at $623,724.97. This represents a 36.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 1,363,842 shares of company stock worth $35,789,148. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of large investors have recently added to or reduced their stakes in the stock. Root Financial Partners LLC boosted its stake in shares of D-Wave Quantum by 388.0% in the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after buying an additional 776 shares during the last quarter. Parallel Advisors LLC increased its position in D-Wave Quantum by 545.5% during the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock valued at $26,000 after acquiring an additional 1,511 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in D-Wave Quantum in the fourth quarter valued at about $28,000. PeakShares LLC bought a new position in D-Wave Quantum in the first quarter valued at about $29,000. Finally, EverSource Wealth Advisors LLC boosted its position in D-Wave Quantum by 267.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after purchasing an additional 838 shares during the last quarter. 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.