D-Wave Quantum (NYSE:QBTS) Trading Up 7.6% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded up 7.6% during mid-day trading on Thursday . The company traded as high as $24.71 and last traded at $24.6530. Approximately 30,852,368 shares traded hands during trading, a decline of 5% from the average session volume of 32,335,277 shares. The stock had previously closed at $22.92.

Analysts Set New Price Targets

QBTS has been the topic of a number of research reports. Stifel Nicolaus set a $35.00 target price on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. Weiss Ratings cut shares of D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 29th. Roth Mkm raised their price objective on shares of D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Canaccord Genuity Group dropped their price objective on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating on the stock in a research note on Wednesday, May 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 target price on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Fourteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $36.80.

D-Wave Quantum Stock Performance

The stock’s 50 day moving average price is $22.73 and its two-hundred day moving average price is $22.34. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $9.12 billion, a price-to-earnings ratio of -21.82 and a beta of 2.05.

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

Insider Activity at D-Wave Quantum

In other news, VP Sophie C. Ames sold 23,025 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $18.98, for a total transaction of $437,014.50. Following the sale, the vice president owned 596,803 shares of the company’s stock, valued at $11,327,320.94. The trade was a 3.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John D. Dilullo sold 7,850 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $24.43, for a total value of $191,775.50. Following the completion of the sale, the director owned 21,310 shares in the company, valued at approximately $520,603.30. This represents a 26.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,363,842 shares of company stock worth $35,802,656. 1.30% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

Several large investors have recently bought and sold shares of QBTS. Caitong International Asset Management Co. Ltd increased its holdings in D-Wave Quantum by 370.9% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 96,248 shares of the company’s stock valued at $2,378,000 after acquiring an additional 75,807 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of D-Wave Quantum by 254.7% in the fourth quarter. SG Americas Securities LLC now owns 2,272,020 shares of the company’s stock valued at $59,413,000 after purchasing an additional 1,631,415 shares in the last quarter. WBI Investments LLC acquired a new stake in shares of D-Wave Quantum in the third quarter valued at approximately $844,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $1,114,000. Finally, World Investment Advisors increased its stake in shares of D-Wave Quantum by 195.7% during the 4th quarter. World Investment Advisors now owns 41,691 shares of the company’s stock worth $1,090,000 after purchasing an additional 27,592 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.