D-Wave Quantum (NYSE:QBTS) Stock Price Up 7.9% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) shares rose 7.9% during mid-day trading on Monday . The stock traded as high as $26.73 and last traded at $25.7360. Approximately 28,890,151 shares were traded during trading, a decline of 11% from the average daily volume of 32,467,918 shares. The stock had previously closed at $23.85.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Northland Securities assumed coverage on shares of D-Wave Quantum in a report on Monday, April 20th. They issued a “market perform” rating and a $22.00 price objective for the company. TD Cowen assumed coverage on shares of D-Wave Quantum in a report on Thursday, February 12th. They issued a “buy” rating for the company. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, B. Riley Financial lifted their price objective on shares of D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Fourteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.40.

D-Wave Quantum Stock Down 8.9%

The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. The stock has a market cap of $8.70 billion, a price-to-earnings ratio of -20.82 and a beta of 2.05. The business’s fifty day moving average is $21.12 and its two-hundred day moving average is $22.22.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The firm had revenue of $2.86 million during the quarter, compared to analysts’ expectations of $4.19 million. During the same quarter in the previous year, the business posted ($0.02) earnings per share. The business’s quarterly revenue was down 80.9% compared to the same quarter last year. Equities analysts forecast that D-Wave Quantum Inc. will post -0.43 earnings per share for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, VP Sophie C. Ames sold 23,025 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $18.98, for a total transaction of $437,014.50. Following the completion of the transaction, the vice president owned 596,803 shares in the company, valued at $11,327,320.94. The trade was a 3.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John D. Dilullo sold 7,850 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $24.43, for a total transaction of $191,775.50. Following the transaction, the director owned 21,310 shares of the company’s stock, valued at $520,603.30. This trade represents a 26.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 386,311 shares of company stock worth $10,255,860. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in QBTS. Baird Financial Group Inc. grew its holdings in D-Wave Quantum by 12.0% during the 1st 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 in the last quarter. Royal Bank of Canada grew its holdings in D-Wave Quantum by 59.8% during the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock worth $1,231,000 after acquiring an additional 60,668 shares in the last quarter. AQR Capital Management LLC grew 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 acquiring an additional 134,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 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 worth $825,000 after buying an additional 52,437 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of D-Wave Quantum by 125.7% during the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after buying an additional 24,382 shares during the last quarter. Institutional investors and hedge funds 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.