D-Wave Quantum (NASDAQ:QBTS) Trading Up 1.2% – Here’s Why

D-Wave Quantum Inc. (NASDAQ:QBTS)’s stock price traded up 1.2% during mid-day trading on Monday . The stock traded as high as $17.35 and last traded at $17.20. Approximately 11,529,087 shares were traded during trading, a decline of 59% from the average session volume of 28,391,535 shares. The stock had previously closed at $16.99.

Wall Street Analyst Weigh In

Several brokerages have weighed in on QBTS. Jefferies Financial Group set a $40.00 price target on D-Wave Quantum in a report on Friday, August 7th. Weiss Ratings upgraded shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday. Wedbush began coverage on shares of D-Wave Quantum in a research report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price objective for the company. Benchmark initiated coverage on shares of D-Wave Quantum in a research report on Monday, July 27th. They issued a “buy” rating and a $30.00 price objective for the company. Finally, Zacks Research cut shares of D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Thirteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $36.27.

D-Wave Quantum Stock Down 3.8%

The firm has a market capitalization of $6.12 billion, a price-to-earnings ratio of -23.30 and a beta of 2.15. The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42. The business has a fifty day moving average price of $19.67 and a two-hundred day moving average price of $20.11.

D-Wave Quantum (NASDAQ:QBTS) last issued its earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The firm had revenue of $3.08 million during the quarter, compared to analysts’ expectations of $4.03 million. During the same quarter in the prior year, the company earned ($0.08) EPS. D-Wave Quantum’s quarterly revenue was down 0.6 on a year-over-year basis. On average, equities analysts expect that D-Wave Quantum Inc. will post -0.46 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 687,627 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $26.13, for a total value of $17,967,693.51. Following the sale, the chief executive officer owned 3,299,771 shares in the company, valued at approximately $86,223,016.23. This represents a 17.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Rohit Ghai sold 13,518 shares of D-Wave Quantum stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $26.41, for a total transaction of $357,010.38. Following the transaction, the director directly owned 23,617 shares of the company’s stock, valued at approximately $623,724.97. This trade represents a 36.40% decrease in their ownership of the stock. 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 three months, insiders have sold 1,009,157 shares of company stock worth $26,155,555. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Corient Private Wealth LP raised its position in shares of D-Wave Quantum by 521.9% in the second quarter. Corient Private Wealth LP now owns 383,539 shares of the company’s stock worth $9,201,000 after acquiring an additional 321,864 shares during the period. HighTower Advisors LLC raised its holdings in D-Wave Quantum by 6.9% in the 2nd quarter. HighTower Advisors LLC now owns 167,525 shares of the company’s stock worth $4,019,000 after purchasing an additional 10,880 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in D-Wave Quantum in the 2nd quarter worth about $1,312,000. California State Teachers Retirement System boosted its position in D-Wave Quantum by 2,336.6% during the second quarter. California State Teachers Retirement System now owns 9,922,576 shares of the company’s stock worth $238,043,000 after purchasing an additional 9,515,341 shares in the last quarter. Finally, Compass Financial Management LLC purchased a new position in D-Wave Quantum during the second quarter worth approximately $76,000. Hedge funds and other 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.