D-Wave Quantum (NYSE:QBTS) Stock Price Up 5.1% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was up 5.1% during mid-day trading on Monday . The stock traded as high as $29.15 and last traded at $28.3830. Approximately 37,561,224 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 61,788,340 shares. The stock had previously closed at $27.00.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on QBTS shares. Roth Capital set a $40.00 price target on shares of D-Wave Quantum in a report on Thursday, November 6th. Benchmark upped their target price on shares of D-Wave Quantum from $20.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, November 10th. B. Riley raised their price target on shares of D-Wave Quantum from $22.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Williams Trading set a $35.00 price objective on D-Wave Quantum in a research note on Monday, November 10th. Finally, Zacks Research upgraded D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. Twelve investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $29.85.

D-Wave Quantum Price Performance

The stock has a market capitalization of $9.41 billion, a P/E ratio of -19.90 and a beta of 1.57. The company’s 50 day simple moving average is $29.76 and its two-hundred day simple moving average is $21.91. The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.02. The business had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.D-Wave Quantum’s revenue was up 105.6% compared to the same quarter last year. As a group, equities analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 7,000 shares of the stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $22.62, for a total transaction of $158,340.00. Following the sale, the director owned 112,673 shares of the company’s stock, valued at $2,548,663.26. This represents a 5.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 168,102 shares of the firm’s stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $23.17, for a total transaction of $3,894,923.34. Following the completion of the sale, the chief executive officer owned 2,633,163 shares of the company’s stock, valued at $61,010,386.71. The trade was a 6.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,494,813 shares of company stock worth $39,774,206 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. IFP Advisors Inc lifted its stake in D-Wave Quantum by 123.8% in the 2nd quarter. IFP Advisors Inc now owns 14,814 shares of the company’s stock valued at $217,000 after acquiring an additional 8,194 shares in the last quarter. World Investment Advisors bought a new position in shares of D-Wave Quantum during the 2nd quarter worth approximately $190,000. Farther Finance Advisors LLC raised its holdings in shares of D-Wave Quantum by 491.3% in the second quarter. Farther Finance Advisors LLC now owns 16,321 shares of the company’s stock valued at $239,000 after purchasing an additional 13,561 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of D-Wave Quantum in the second quarter worth $14,349,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of D-Wave Quantum in the second quarter worth $217,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

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.