D-Wave Quantum (NYSE:QBTS) Shares Gap Up – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares gapped up before the market opened on Thursday . The stock had previously closed at $27.29, but opened at $32.60. D-Wave Quantum shares last traded at $32.66, with a volume of 29,802,860 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on QBTS. Roth Capital reiterated a “buy” rating on shares of D-Wave Quantum in a research report on Wednesday, October 15th. Zacks Research lowered D-Wave Quantum from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. Rosenblatt Securities initiated coverage on D-Wave Quantum in a research report on Tuesday, July 29th. They issued a “buy” rating and a $30.00 price objective on the stock. Cantor Fitzgerald initiated coverage on D-Wave Quantum in a research note on Wednesday, July 2nd. They issued an “overweight” rating and a $20.00 target price for the company. Finally, Benchmark restated a “buy” rating and issued a $20.00 target price on shares of D-Wave Quantum in a research note on Monday, August 4th. Eleven analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.27.

D-Wave Quantum Trading Up 5.1%

The firm has a market cap of $11.16 billion, a P/E ratio of -31.08 and a beta of 1.49. The stock has a fifty day simple moving average of $24.68 and a 200 day simple moving average of $17.70. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.03). D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The firm had revenue of $3.10 million during the quarter, compared to the consensus estimate of $2.55 million. The firm’s quarterly revenue was up 40.9% compared to the same quarter last year. On average, research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Transactions at D-Wave Quantum

In related news, CFO John M. Markovich sold 7,994 shares of D-Wave Quantum stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $43.74, for a total value of $349,657.56. Following the completion of the sale, the chief financial officer owned 1,580,934 shares of the company’s stock, valued at $69,150,053.16. The trade was a 0.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $179,300.00. Following the completion of the sale, the director directly owned 47,778 shares of the company’s stock, valued at $856,659.54. The trade was a 17.31% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 207,363 shares of company stock worth $4,659,478. 3.20% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

Large investors have recently modified their holdings of the company. Reyes Financial Architecture Inc. bought a new stake in D-Wave Quantum during the second quarter valued at about $29,000. Atlantic Union Bankshares Corp bought a new stake in D-Wave Quantum during the second quarter valued at about $29,000. Financial Consulate Inc. bought a new stake in D-Wave Quantum during the third quarter valued at about $31,000. Parallel Advisors LLC grew its holdings in D-Wave Quantum by 227.3% during the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock valued at $32,000 after purchasing an additional 1,532 shares during the period. Finally, Gables Capital Management Inc. bought a new stake in D-Wave Quantum during the second quarter valued at about $37,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

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.