D-Wave Quantum (NYSE:QBTS) Trading Up 12.8% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) shares shot up 12.8% on Monday . The stock traded as high as $23.34 and last traded at $23.03. 29,290,642 shares were traded during mid-day trading, a decline of 54% from the average session volume of 63,103,656 shares. The stock had previously closed at $20.41.

Analyst Ratings Changes

A number of research analysts have weighed in on QBTS shares. Stifel Nicolaus started coverage on D-Wave Quantum in a research note on Tuesday, August 5th. They set a “buy” rating and a $26.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Cantor Fitzgerald raised their price target on D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Benchmark lifted their price target on D-Wave Quantum from $20.00 to $35.00 and gave the company a “buy” rating in a report on Monday, November 10th. Finally, Williams Trading set a $35.00 price objective on shares of D-Wave Quantum in a report on Monday, November 10th. Eleven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, D-Wave Quantum has an average rating of “Moderate Buy” and a consensus target price of $28.67.

D-Wave Quantum Stock Up 12.8%

The firm has a market capitalization of $8.06 billion, a price-to-earnings ratio of -17.06 and a beta of 1.53. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average price of $29.83 and a two-hundred day moving average price of $21.02.

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

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 806,288 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $28.87, for a total value of $23,277,534.56. Following the transaction, the chief executive officer directly owned 2,801,265 shares of the company’s stock, valued at $80,872,520.55. This trade represents a 22.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $179,300.00. Following the transaction, the director owned 47,778 shares in the company, valued at approximately $856,659.54. This represents a 17.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 1,379,813 shares of company stock worth $36,891,986. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently modified their holdings of the stock. Reyes Financial Architecture Inc. purchased a new position in D-Wave Quantum in the 2nd quarter worth approximately $29,000. Atlantic Union Bankshares Corp acquired a new position in shares of D-Wave Quantum during the second quarter worth $29,000. Ancora Advisors LLC purchased a new position in shares of D-Wave Quantum in the third quarter valued at $30,000. Financial Consulate Inc. acquired a new stake in D-Wave Quantum during the 3rd quarter valued at $31,000. Finally, Parallel Advisors LLC grew its holdings in D-Wave Quantum by 227.3% during the 2nd 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 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 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.