D-Wave Quantum (NYSE:QBTS) Trading Up 3% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s share price rose 3% on Friday . The company traded as high as $22.67 and last traded at $22.6470. Approximately 20,026,429 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 29,490,625 shares. The stock had previously closed at $21.99.

Wall Street Analyst Weigh In

QBTS has been the subject of a number of research reports. Weiss Ratings downgraded shares of D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Mizuho reduced their price target on shares of D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, February 27th. Zacks Research raised shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Wall Street Zen downgraded shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Finally, Canaccord Genuity Group set a $43.00 price target on shares of D-Wave Quantum in a report on Thursday, January 29th. Fourteen 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’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $35.53.

D-Wave Quantum Trading Up 3.0%

The stock has a market capitalization of $8.38 billion, a P/E ratio of -20.59 and a beta of 1.95. The company has a current ratio of 42.38, a quick ratio of 42.25 and a debt-to-equity ratio of 0.04. The business’s fifty day simple moving average is $17.69 and its two-hundred day simple moving average is $22.98.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The business had revenue of $2.75 million during the quarter, compared to analyst estimates of $3.74 million. The business’s revenue for the quarter was up 21.7% on a year-over-year basis. As a group, analysts forecast that D-Wave Quantum Inc. will post -0.44 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In other news, VP Sophie C. Ames sold 3,070 shares of the stock in a transaction on Monday, April 20th. The shares were sold at an average price of $21.35, for a total value of $65,544.50. Following the completion of the transaction, the vice president owned 643,678 shares in the company, valued at approximately $13,742,525.30. This represents a 0.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 10,706 shares of the stock in a transaction on Friday, March 13th. The shares were sold at an average price of $17.63, for a total transaction of $188,746.78. Following the completion of the transaction, the chief financial officer owned 1,451,427 shares of the company’s stock, valued at approximately $25,588,658.01. This represents a 0.73% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 31,776 shares of company stock worth $574,571. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently made changes to their positions in QBTS. Csenge Advisory Group increased its position in shares of D-Wave Quantum by 99.1% during the 3rd quarter. Csenge Advisory Group now owns 35,886 shares of the company’s stock worth $887,000 after purchasing an additional 17,860 shares in the last quarter. Mutual Advisors LLC acquired a new stake in shares of D-Wave Quantum during the 3rd quarter worth about $1,069,000. Federated Hermes Inc. increased its position in shares of D-Wave Quantum by 259,560.6% during the 3rd quarter. Federated Hermes Inc. now owns 184,359 shares of the company’s stock worth $4,556,000 after purchasing an additional 184,288 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of D-Wave Quantum by 370.9% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 96,248 shares of the company’s stock worth $2,378,000 after purchasing an additional 75,807 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of D-Wave Quantum by 254.7% during the 4th quarter. SG Americas Securities LLC now owns 2,272,020 shares of the company’s stock worth $59,413,000 after purchasing an additional 1,631,415 shares in the last quarter. Institutional investors and hedge funds 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.