D-Wave Quantum (NYSE:QBTS) Shares Up 4.4% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded up 4.4% during trading on Wednesday . The company traded as high as $30.18 and last traded at $30.0870. 39,876,175 shares traded hands during mid-day trading, an increase of 1% from the average session volume of 39,433,344 shares. The stock had previously closed at $28.82.

Analyst Ratings Changes

A number of brokerages recently weighed in on QBTS. Roth Capital set a $40.00 price target on shares of D-Wave Quantum in a report on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Monday, December 29th. Evercore ISI started coverage on shares of D-Wave Quantum in a report on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 price target for the company. Zacks Research raised D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, B. Riley lifted their target price on D-Wave Quantum from $22.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Fourteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $33.67.

D-Wave Quantum Stock Up 4.4%

The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49. The company has a market capitalization of $10.53 billion, a price-to-earnings ratio of -22.29 and a beta of 1.57. The firm has a 50-day moving average price of $26.24 and a two-hundred day moving average price of $23.85.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results 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. The business had revenue of $3.74 million for the quarter, compared to analyst estimates 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%.The company’s quarterly revenue was up 105.6% on a year-over-year basis. As a group, sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other D-Wave Quantum news, CEO Alan E. Baratz sold 793,712 shares of D-Wave Quantum stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $30.13, for a total value of $23,914,542.56. Following the sale, the chief executive officer directly owned 2,633,163 shares in the company, valued at approximately $79,337,201.19. The trade was a 23.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $24.28, for a total transaction of $242,800.00. Following the sale, the director directly owned 37,778 shares in the company, valued at $917,249.84. This trade represents a 20.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,302,724 shares of company stock valued at $64,351,287 over the last 90 days. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds have recently modified their holdings of QBTS. GAMMA Investing LLC increased its position in shares of D-Wave Quantum by 34.6% in the third quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $46,000 after acquiring an additional 482 shares during the last quarter. Blue Bell Private Wealth Management LLC grew its stake in D-Wave Quantum by 5.3% in the third quarter. Blue Bell Private Wealth Management LLC now owns 9,901 shares of the company’s stock valued at $245,000 after purchasing an additional 500 shares in the last quarter. Huntington National Bank increased its position in shares of D-Wave Quantum by 17.9% during the 3rd quarter. Huntington National Bank now owns 3,300 shares of the company’s stock worth $82,000 after purchasing an additional 500 shares during the last quarter. bLong Financial LLC increased its position in shares of D-Wave Quantum by 2.3% during the 2nd quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock worth $361,000 after purchasing an additional 551 shares during the last quarter. Finally, Noble Wealth Management PBC raised its stake in shares of D-Wave Quantum by 6.7% during the 4th quarter. Noble Wealth Management PBC now owns 9,600 shares of the company’s stock worth $251,000 after purchasing an additional 600 shares in the last quarter. 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.