D-Wave Quantum (NYSE:QBTS) Trading 3% Higher – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) rose 3% during mid-day trading on Monday . The stock traded as high as $14.79 and last traded at $14.6730. Approximately 16,307,029 shares were traded during trading, a decline of 41% from the average daily volume of 27,798,432 shares. The stock had previously closed at $14.25.

Analyst Ratings Changes

QBTS has been the subject of several recent research reports. TD Cowen initiated coverage on shares of D-Wave Quantum in a research report on Thursday, February 12th. They set a “buy” rating for the company. Wall Street Zen lowered shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Mizuho cut their target price on shares of D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. Benchmark restated a “buy” rating and set a $35.00 target price on shares of D-Wave Quantum in a research report on Friday, January 23rd. Finally, Jefferies Financial Group started coverage on shares of D-Wave Quantum in a research report on Tuesday, December 16th. They issued a “buy” rating and a $45.00 price target for the company. Fourteen investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.50.

D-Wave Quantum Trading Up 3.0%

The company has a debt-to-equity ratio of 0.04, a current ratio of 42.38 and a quick ratio of 42.25. The stock’s 50-day moving average is $17.53 and its two-hundred day moving average is $24.61. The stock has a market cap of $5.43 billion, a P/E ratio of -13.34 and a beta of 1.78.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The company had revenue of $2.75 million for the quarter, compared to the consensus estimate of $3.74 million. The business’s revenue for the quarter was up 21.7% compared to the same quarter last year. Equities research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity at D-Wave Quantum

In related news, Director John D. Dilullo sold 8,000 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $18.01, for a total transaction of $144,080.00. Following the completion of the transaction, the director owned 19,803 shares in the company, valued at approximately $356,652.03. This represents a 28.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John M. Markovich sold 10,706 shares of the company’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $17.63, for a total transaction of $188,746.78. Following the transaction, the chief financial officer owned 1,451,427 shares of the company’s stock, valued at approximately $25,588,658.01. This represents a 0.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 72,898 shares of company stock worth $1,749,054 in the last three months. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in D-Wave Quantum by 41.2% during the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after purchasing an additional 11,218,255 shares during the last quarter. UBS Group AG grew its stake in shares of D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after buying an additional 10,205,427 shares in the last quarter. Marex Group plc purchased a new position in shares of D-Wave Quantum in the 2nd quarter worth $80,070,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of D-Wave Quantum by 136,842.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company’s stock worth $83,546,000 after buying an additional 3,192,533 shares in the last quarter. Finally, Clear Street Group Inc. purchased a new position in shares of D-Wave Quantum in the 3rd quarter worth $75,344,000. Institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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.