D-Wave Quantum (NYSE:QBTS) Shares Gap Up – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS) gapped up before the market opened on Friday . The stock had previously closed at $29.21, but opened at $30.60. D-Wave Quantum shares last traded at $31.07, with a volume of 22,122,054 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on QBTS shares. Wall Street Zen cut shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Canaccord Genuity Group started coverage on shares of D-Wave Quantum in a research note on Wednesday, July 23rd. They set a “buy” rating and a $20.00 price objective for the company. Stifel Nicolaus started coverage on shares of D-Wave Quantum in a research note on Tuesday, August 5th. They issued a “buy” rating and a $26.00 price target for the company. Benchmark reissued a “buy” rating and issued a $20.00 price target on shares of D-Wave Quantum in a research note on Monday, August 4th. Finally, Rosenblatt Securities started coverage on shares of D-Wave Quantum in a research note on Tuesday, July 29th. They issued a “buy” rating and a $30.00 price target for the company. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, D-Wave Quantum has a consensus rating of “Moderate Buy” and an average target price of $20.27.

D-Wave Quantum Stock Performance

The firm’s 50 day moving average price is $19.18 and its two-hundred day moving average price is $14.82. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99. The firm has a market cap of $11.19 billion, a PE ratio of -31.16 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). The company had revenue of $3.10 million for the quarter, compared to analysts’ expectations of $2.55 million. D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The firm’s quarterly revenue was up 40.9% on a year-over-year basis. On average, research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In related news, Director John D. Dilullo sold 8,000 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $143,440.00. Following the completion of the transaction, the director owned 36,295 shares of the company’s stock, valued at approximately $650,769.35. This trade represents a 18.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $179,300.00. Following the transaction, the director directly owned 47,778 shares of the company’s stock, valued at $856,659.54. The trade was a 17.31% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 168,000 shares of company stock valued at $2,937,740. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its holdings in D-Wave Quantum by 34.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock worth $46,000 after buying an additional 482 shares in the last quarter. Reyes Financial Architecture Inc. acquired a new stake in D-Wave Quantum during the 2nd quarter worth approximately $29,000. Atlantic Union Bankshares Corp acquired a new stake in D-Wave Quantum during the 2nd quarter worth approximately $29,000. Parallel Advisors LLC lifted its holdings in D-Wave Quantum by 227.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock worth $32,000 after buying an additional 1,532 shares in the last quarter. Finally, Gables Capital Management Inc. acquired a new stake in D-Wave Quantum during the 2nd quarter worth approximately $37,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.