D-Wave Quantum (NYSE:QBTS) Trading 1.8% Higher – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price shot up 1.8% during trading on Friday . The company traded as high as $22.96 and last traded at $22.82. 9,456,977 shares changed hands during trading, a decline of 85% from the average session volume of 62,517,117 shares. The stock had previously closed at $22.41.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Wednesday. Needham & Company LLC reaffirmed a “buy” rating on shares of D-Wave Quantum in a research report on Monday, August 4th. Williams Trading set a $35.00 target price on D-Wave Quantum in a report on Monday, November 10th. Roth Capital set a $40.00 price target on D-Wave Quantum in a research report on Thursday, November 6th. Finally, Cantor Fitzgerald lifted their price objective on D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Eleven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.67.

D-Wave Quantum Price Performance

The firm has a 50-day simple moving average of $29.87 and a 200-day simple moving average of $21.12. The firm has a market cap of $7.99 billion, a P/E ratio of -16.90 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.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The firm had revenue of $3.74 million during the quarter, compared to analysts’ expectations of $3.03 million. D-Wave Quantum’s revenue for the quarter was up 105.6% compared to the same quarter last year. As a group, analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity

In other news, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $143,440.00. Following the sale, the director directly owned 36,295 shares in the company, valued at approximately $650,769.35. This trade represents a 18.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 200,000 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $22.94, for a total transaction of $4,588,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,482,874 shares in the company, valued at approximately $34,017,129.56. The trade was a 11.88% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,379,813 shares of company stock valued at $36,891,986. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently made changes to their positions in the business. Strategic Advocates LLC lifted its holdings in shares of D-Wave Quantum by 6.5% during the 3rd quarter. Strategic Advocates LLC now owns 33,715 shares of the company’s stock valued at $833,000 after purchasing an additional 2,050 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new position in D-Wave Quantum during the 3rd quarter worth $814,000. WBI Investments LLC acquired a new position in D-Wave Quantum during the 3rd quarter valued at about $844,000. Danske Bank A S purchased a new stake in D-Wave Quantum in the third quarter valued at about $62,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in D-Wave Quantum by 370.9% in the third quarter. Caitong International Asset Management Co. Ltd now owns 96,248 shares of the company’s stock worth $2,378,000 after acquiring an additional 75,807 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

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.