D-Wave Quantum (NYSE:QBTS) Trading Up 3.3% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was up 3.3% during mid-day trading on Monday . The stock traded as high as $26.76 and last traded at $26.1350. Approximately 32,072,717 shares were traded during trading, a decline of 47% from the average daily volume of 60,160,523 shares. The stock had previously closed at $25.29.

Wall Street Analyst Weigh In

QBTS has been the subject of a number of analyst reports. Canaccord Genuity Group upped their price objective on shares of D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Zacks Research raised D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. B. Riley lifted their price objective on D-Wave Quantum from $22.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Roth Capital set a $40.00 target price on D-Wave Quantum in a research report on Thursday, November 6th. Finally, Benchmark raised their price target on shares of D-Wave Quantum from $20.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Fourteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.67.

D-Wave Quantum Price Performance

The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05. The company has a 50 day simple moving average of $27.34 and a 200-day simple moving average of $22.74. The stock has a market cap of $9.15 billion, a price-to-earnings ratio of -19.36 and a beta of 1.57.

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

Insider Transactions at D-Wave Quantum

In other news, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $24.28, for a total value of $242,800.00. Following the transaction, the director directly owned 37,778 shares in the company, valued at approximately $917,249.84. This trade represents a 20.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 200,000 shares of the business’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $22.94, for a total transaction of $4,588,000.00. Following the sale, the chief financial officer directly owned 1,482,874 shares of the company’s stock, valued at approximately $34,017,129.56. This represents a 11.88% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 2,342,087 shares of company stock worth $66,073,024. 3.20% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

Several hedge funds have recently made changes to their positions in QBTS. Reyes Financial Architecture Inc. acquired a new position in D-Wave Quantum during the 2nd quarter valued at approximately $29,000. Atlantic Union Bankshares Corp bought a new stake in D-Wave Quantum in the second quarter valued at $29,000. Ancora Advisors LLC bought a new stake in D-Wave Quantum in the third quarter valued at $30,000. Financial Consulate Inc. acquired a new position in shares of D-Wave Quantum during the third quarter valued at $31,000. Finally, Parallel Advisors LLC grew its position in shares of D-Wave Quantum by 227.3% during the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock worth $32,000 after acquiring an additional 1,532 shares during the last quarter. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

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.