D-Wave Quantum (NYSE:QBTS) Stock Price Up 7.5% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) traded up 7.5% on Tuesday . The stock traded as high as $25.59 and last traded at $25.5230. 25,826,632 shares traded hands during trading, a decline of 58% from the average session volume of 60,975,680 shares. The stock had previously closed at $23.74.

Analyst Upgrades and Downgrades

Several brokerages recently commented on QBTS. Canaccord Genuity Group lifted their price objective on D-Wave Quantum from $20.00 to $41.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a research report on Monday. Wall Street Zen raised shares of D-Wave Quantum from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Cantor Fitzgerald raised their price objective on shares of D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Finally, Evercore ISI initiated coverage on shares of D-Wave Quantum in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $44.00 target price for the company. Fourteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $31.93.

D-Wave Quantum Trading Up 7.5%

The stock’s 50-day simple moving average is $29.38 and its two-hundred day simple moving average is $22.12. The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49. The firm has a market capitalization of $8.94 billion, a P/E ratio of -18.91 and a beta of 1.58.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.02. The firm had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. D-Wave Quantum’s revenue was up 105.6% compared to the same quarter last year. Equities research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In related news, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $24.28, for a total transaction of $242,800.00. Following the sale, the director owned 37,778 shares of the company’s stock, valued at approximately $917,249.84. This trade represents a 20.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John D. Dilullo sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $27.36, for a total value of $218,880.00. Following the completion of the transaction, the director owned 27,803 shares of the company’s stock, valued at $760,690.08. The trade was a 22.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,448,375 shares of company stock valued at $39,155,482 over the last three months. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently modified their holdings of the stock. IFP Advisors Inc increased its holdings in shares of D-Wave Quantum by 123.8% in 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. World Investment Advisors bought a new position in D-Wave Quantum during the second quarter valued at approximately $190,000. Farther Finance Advisors LLC grew its holdings in D-Wave Quantum by 491.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 16,321 shares of the company’s stock valued at $239,000 after buying an additional 13,561 shares in the last quarter. SG Americas Securities LLC bought a new stake in D-Wave Quantum in the 2nd quarter worth approximately $14,349,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of D-Wave Quantum during the 2nd quarter worth approximately $217,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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.