D-Wave Quantum (NYSE:QBTS) Trading Up 4.8% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded up 4.8% during trading on Thursday . The company traded as high as $25.84 and last traded at $24.94. 26,895,077 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 60,705,113 shares. The stock had previously closed at $23.80.

Analysts Set New Price Targets

QBTS has been the subject of a number of research reports. Williams Trading set a $35.00 price target on D-Wave Quantum in a research note on Monday, November 10th. Wall Street Zen raised D-Wave Quantum from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Benchmark raised their target price on shares of D-Wave Quantum from $20.00 to $35.00 and gave the company a “buy” rating in a report on Monday, November 10th. Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. Finally, B. Riley upped their price target on shares of D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Fifteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, D-Wave Quantum presently has an average rating of “Moderate Buy” and a consensus target price of $32.13.

D-Wave Quantum Stock Performance

The stock has a market capitalization of $8.73 billion, a PE ratio of -18.47 and a beta of 1.57. The business’s 50 day moving average is $28.97 and its 200 day moving average is $22.20. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05.

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

Insider Activity

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction on Monday, December 15th. The stock was sold at an average price of $24.28, for a total value of $242,800.00. Following the sale, the director owned 37,778 shares in the company, valued at $917,249.84. This trade represents a 20.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John M. Markovich sold 11,562 shares of the business’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $23.89, for a total transaction of $276,216.18. Following the sale, the chief financial officer directly owned 1,471,312 shares of the company’s stock, valued at $35,149,643.68. This represents a 0.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,448,375 shares of company stock worth $39,155,482 in the last three months. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in D-Wave Quantum by 41.2% in the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after buying an additional 11,218,255 shares during the period. UBS Group AG increased its position in shares of D-Wave Quantum by 541.6% during the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after acquiring an additional 10,205,427 shares during the period. State Street Corp raised its stake in shares of D-Wave Quantum by 41.3% during the second quarter. State Street Corp now owns 6,648,395 shares of the company’s stock valued at $97,333,000 after acquiring an additional 1,941,762 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of D-Wave Quantum by 41.6% during the second quarter. Geode Capital Management LLC now owns 6,411,558 shares of the company’s stock valued at $93,877,000 after acquiring an additional 1,883,109 shares in the last quarter. Finally, Marex Group plc purchased a new stake in shares of D-Wave Quantum in the second quarter valued at approximately $80,070,000. 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.