D-Wave Quantum (NYSE:QBTS) Trading Up 7.9% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price shot up 7.9% during trading on Monday . The company traded as high as $25.58 and last traded at $25.7390. 5,378,037 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 32,239,334 shares. The stock had previously closed at $23.85.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on QBTS. Canaccord Genuity Group dropped their price objective on D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. Jefferies Financial Group reaffirmed a “buy” rating on shares of D-Wave Quantum in a research note on Tuesday, May 12th. TD Cowen began coverage on D-Wave Quantum in a research note on Thursday, February 12th. They issued a “buy” rating for the company. Stifel Nicolaus set a $35.00 price objective on D-Wave Quantum in a research note on Tuesday, June 2nd. Finally, Northland Securities began coverage on D-Wave Quantum in a research note on Monday, April 20th. They issued a “market perform” rating and a $22.00 price objective for the company. Fourteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.40.

D-Wave Quantum Stock Up 10.5%

The firm has a market cap of $9.75 billion, a PE ratio of -23.32 and a beta of 2.05. The business has a 50-day moving average price of $20.70 and a two-hundred day moving average price of $22.20. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The firm had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.D-Wave Quantum’s revenue was down 80.9% compared to the same quarter last year. During the same period last year, the business posted ($0.02) earnings per share. On average, equities research analysts expect that D-Wave Quantum Inc. will post -0.43 EPS for the current year.

Insider Activity at D-Wave Quantum

In related news, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum stock in a transaction on Monday, March 16th. The stock was sold at an average price of $17.62, for a total value of $176,200.00. Following the completion of the transaction, the director directly owned 27,778 shares in the company, valued at approximately $489,448.36. This trade represents a 26.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 328,752 shares of D-Wave Quantum stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $27.70, for a total value of $9,106,430.40. Following the completion of the transaction, the chief financial officer owned 1,442,820 shares of the company’s stock, valued at approximately $39,966,114. This trade represents a 18.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 378,461 shares of company stock worth $10,064,084. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of QBTS. Root Financial Partners LLC boosted its holdings in D-Wave Quantum by 388.0% in the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after purchasing an additional 776 shares during the period. Parallel Advisors LLC boosted its position in shares of D-Wave Quantum by 545.5% during the 1st quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock worth $26,000 after acquiring an additional 1,511 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new position in shares of D-Wave Quantum during the 4th quarter worth about $28,000. PeakShares LLC acquired a new position in shares of D-Wave Quantum during the 1st quarter worth about $29,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of D-Wave Quantum by 267.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after acquiring an additional 838 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.