D-Wave Quantum (NASDAQ:QBTS) Trading 2% Higher – Still a Buy?

D-Wave Quantum Inc. (NASDAQ:QBTS) shares shot up 2% during trading on Thursday . The stock traded as high as $16.96 and last traded at $16.82. 10,954,975 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 28,101,104 shares. The stock had previously closed at $16.49.

Analysts Set New Price Targets

Several research analysts have weighed in on QBTS shares. Zacks Research lowered shares of D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Roth Capital reiterated a “buy” rating and set a $30.00 price target on shares of D-Wave Quantum in a report on Thursday, August 6th. Weiss Ratings upgraded D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 28th. Jefferies Financial Group set a $40.00 target price on shares of D-Wave Quantum in a research note on Friday, August 7th. Finally, Benchmark started coverage on D-Wave Quantum in a research report on Monday, July 27th. They set a “buy” rating and a $30.00 price objective on the stock. Thirteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.27.

D-Wave Quantum Price Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 20.42 and a current ratio of 20.55. The firm has a market capitalization of $6.22 billion, a P/E ratio of -23.69 and a beta of 2.15. The company has a 50-day moving average price of $19.54 and a 200-day moving average price of $20.10.

D-Wave Quantum (NASDAQ:QBTS) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $4.03 million. During the same period last year, the firm earned ($0.08) EPS. D-Wave Quantum’s quarterly revenue was down 0.6 on a year-over-year basis. On average, sell-side analysts predict 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 news, VP Sophie Ames sold 3,070 shares of the stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $16.95, for a total value of $52,036.50. Following the completion of the sale, the vice president owned 589,009 shares of the company’s stock, valued at approximately $9,983,702.55. This represents a 0.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan Baratz sold 687,627 shares of D-Wave Quantum stock in a transaction dated 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 transaction, the chief executive officer owned 3,299,771 shares of the company’s stock, valued at $86,223,016.23. The trade was a 17.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,009,157 shares of company stock valued at $26,155,555 in the last ninety days. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of the company. Fiduciary Financial Advisors bought a new stake in shares of D-Wave Quantum during the 2nd quarter valued at approximately $25,000. Root Financial Partners LLC lifted its stake in shares of D-Wave Quantum by 388.0% in the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after acquiring an additional 776 shares during the period. Parallel Advisors LLC boosted its stake in shares of D-Wave Quantum by 545.5% in the 1st quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock valued at $26,000 after purchasing an additional 1,511 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in D-Wave Quantum during the fourth quarter valued at $28,000. Finally, PeakShares LLC bought a new stake in shares of D-Wave Quantum during the 1st quarter valued at about $29,000. 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.