D-Wave Quantum (NYSE:QBTS) Trading Up 3.8% – Here’s What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were up 3.8% during trading on Monday . The company traded as high as $26.39 and last traded at $26.2410. Approximately 22,612,312 shares were traded during trading, a decline of 62% from the average daily volume of 60,118,328 shares. The stock had previously closed at $25.29.

Analysts Set New Price Targets

QBTS has been the subject of a number of analyst reports. Wall Street Zen downgraded D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Zacks Research raised shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. B. Riley lifted their price objective on shares of D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Canaccord Genuity Group raised their price target on D-Wave Quantum from $20.00 to $41.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Finally, Rosenblatt Securities boosted their price objective on D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Fourteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, D-Wave Quantum currently has a consensus rating of “Moderate Buy” and an average target price of $33.67.

D-Wave Quantum Stock Performance

The business has a 50 day moving average of $27.34 and a 200 day moving average of $22.74. The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $9.35 billion, a P/E ratio of -19.77 and a beta of 1.57.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The business had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. The firm’s revenue for the quarter was up 105.6% on a year-over-year basis. On average, sell-side analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 100,000 shares of D-Wave Quantum stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $30.03, for a total value of $3,003,000.00. Following the transaction, the chief financial officer owned 1,471,312 shares in the company, valued at $44,183,499.36. The trade was a 6.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $24.28, for a total value of $242,800.00. Following the transaction, the director owned 37,778 shares in the company, valued at approximately $917,249.84. This trade represents a 20.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 2,342,087 shares of company stock worth $66,073,024. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

A number of institutional investors have recently bought and sold shares of the stock. Reyes Financial Architecture Inc. purchased a new position in D-Wave Quantum in the 2nd quarter worth $29,000. Atlantic Union Bankshares Corp acquired a new stake in shares of D-Wave Quantum during the second quarter worth about $29,000. Ancora Advisors LLC purchased a new stake in D-Wave Quantum in the third quarter valued at approximately $30,000. Financial Consulate Inc. acquired a new position in D-Wave Quantum in the 3rd quarter worth approximately $31,000. Finally, Parallel Advisors LLC raised its position 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 during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.