D-Wave Quantum (NYSE:QBTS) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

D-Wave Quantum (NYSE:QBTS) issued its quarterly earnings data on Thursday. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02, Briefing.com reports. D-Wave Quantum had a negative return on equity of 124.07% and a negative net margin of 1,651.81%.The business had revenue of $3.74 million for the quarter, compared to analyst estimates of $3.03 million. The company’s quarterly revenue was up 105.6% on a year-over-year basis.

D-Wave Quantum Stock Performance

D-Wave Quantum stock traded up $1.17 during mid-day trading on Friday, reaching $29.56. The company had a trading volume of 50,445,076 shares, compared to its average volume of 58,118,144. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05. The firm has a market cap of $10.11 billion, a price-to-earnings ratio of -21.89 and a beta of 1.53. The company has a 50 day moving average of $28.10 and a 200-day moving average of $19.66. D-Wave Quantum has a 52 week low of $1.39 and a 52 week high of $46.75.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on QBTS shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of D-Wave Quantum in a research report on Tuesday, October 14th. Roth Capital set a $40.00 price objective on shares of D-Wave Quantum in a research note on Thursday. Rosenblatt Securities upped their price objective on shares of D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Friday. Wall Street Zen upgraded shares of D-Wave Quantum from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Zacks Research raised shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Thursday. Eleven 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. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $26.17.

Insider Activity at D-Wave Quantum

In other 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 transaction, the director owned 47,778 shares of the company’s stock, valued at approximately $856,659.54. This represents a 17.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $143,440.00. Following the sale, the director directly owned 36,295 shares in the company, valued at approximately $650,769.35. This trade represents a 18.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 207,363 shares of company stock worth $4,659,478. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently modified their holdings of QBTS. State Street Corp lifted its position in shares of D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock worth $97,333,000 after buying an additional 1,941,762 shares during the period. Man Group plc bought a new stake in D-Wave Quantum in the second quarter valued at $26,535,000. Ameriprise Financial Inc. raised its stake in D-Wave Quantum by 2,927.9% during the second quarter. Ameriprise Financial Inc. now owns 430,120 shares of the company’s stock worth $6,297,000 after acquiring an additional 415,915 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in shares of D-Wave Quantum during the first quarter valued at $3,013,000. Finally, HRT Financial LP bought a new position in shares of D-Wave Quantum during the second quarter valued at $4,079,000. 42.47% of the stock is currently owned by institutional investors.

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.