D-Wave Quantum (NYSE:QBTS) Stock Price Up 11.2% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) traded up 11.2% during trading on Tuesday . The stock traded as high as $14.49 and last traded at $14.4380. 24,882,644 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 29,163,658 shares. The stock had previously closed at $12.98.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on QBTS shares. Canaccord Genuity Group set a $43.00 price target on D-Wave Quantum in a report on Thursday, January 29th. Mizuho dropped their price objective on D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, February 27th. Needham & Company LLC reduced their target price on D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Jefferies Financial Group initiated coverage on shares of D-Wave Quantum in a research report on Tuesday, December 16th. They set a “buy” rating and a $45.00 price target for the company. Finally, Evercore initiated coverage on shares of D-Wave Quantum in a research note on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 price target for the company. Fourteen research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $36.50.

D-Wave Quantum Price Performance

The business has a fifty day moving average price of $19.46 and a 200 day moving average price of $25.18. The company has a debt-to-equity ratio of 0.04, a current ratio of 42.38 and a quick ratio of 42.25. The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of -13.13 and a beta of 1.61.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). The business had revenue of $2.75 million during the quarter, compared to analyst estimates of $3.74 million. D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. D-Wave Quantum’s revenue for the quarter was up 21.7% on a year-over-year basis. On average, research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 35,013 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total value of $982,464.78. Following the transaction, the chief executive officer directly owned 2,598,150 shares of the company’s stock, valued at $72,904,089. The trade was a 1.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John M. Markovich sold 10,706 shares of the company’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $17.63, for a total value of $188,746.78. Following the completion of the transaction, the chief financial officer owned 1,451,427 shares of the company’s stock, valued at $25,588,658.01. The trade was a 0.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 72,898 shares of company stock valued at $1,749,054. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently modified their holdings of the stock. Baird Financial Group Inc. raised its position in shares of D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after acquiring an additional 1,300 shares during the last quarter. Royal Bank of Canada increased its position in D-Wave Quantum by 59.8% in the first quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock worth $1,231,000 after purchasing an additional 60,668 shares during the period. AQR Capital Management LLC raised its holdings in D-Wave Quantum by 201.0% during the 1st quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock worth $1,526,000 after purchasing an additional 134,066 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in D-Wave Quantum by 93.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock valued at $825,000 after purchasing an additional 52,437 shares during the period. Finally, NewEdge Advisors LLC lifted its position in D-Wave Quantum by 125.7% during the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock valued at $333,000 after purchasing an additional 24,382 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Company Profile

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.