D-Wave Quantum (NYSE:QBTS) Shares Up 4.7% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shot up 4.7% during trading on Monday . The stock traded as high as $24.26 and last traded at $23.8410. Approximately 22,713,824 shares changed hands during trading, a decline of 30% from the average session volume of 32,253,514 shares. The stock had previously closed at $22.76.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $43.00 target price on shares of D-Wave Quantum in a report on Thursday, June 11th. Mizuho boosted their price objective on shares of D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a research report on Monday, June 15th. B. Riley Financial upped their target price on D-Wave Quantum from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Weiss Ratings upgraded D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, June 23rd. Finally, Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Fourteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, D-Wave Quantum currently has an average rating of “Moderate Buy” and an average target price of $36.80.

D-Wave Quantum Stock Up 4.7%

The business has a 50 day simple moving average of $23.46 and a 200-day simple moving average of $22.24. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41. The firm has a market capitalization of $8.82 billion, a price-to-earnings ratio of -21.10 and a beta of 2.05.

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. On average, equities analysts expect that D-Wave Quantum Inc. will post -0.43 EPS for the current year.

Insider Buying and Selling at D-Wave Quantum

In related news, Director Rohit Ghai sold 13,518 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $26.41, for a total value of $357,010.38. Following the transaction, the director owned 23,617 shares in the company, valued at $623,724.97. The trade was a 36.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 328,752 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $27.70, for a total transaction of $9,106,430.40. Following the transaction, the chief financial officer directly owned 1,442,820 shares of the company’s stock, valued at $39,966,114. This represents a 18.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 1,363,842 shares of company stock valued at $35,802,656. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. UBS Group AG grew its stake in D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after acquiring an additional 10,205,427 shares during the period. Geode Capital Management LLC grew its position in shares of D-Wave Quantum by 11.5% in the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock valued at $220,085,000 after purchasing an additional 866,405 shares during the period. State Street Corp lifted its position in D-Wave Quantum by 5.3% during the fourth quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after buying an additional 385,809 shares during the period. Marex Group plc boosted its stake in D-Wave Quantum by 74.9% in the 4th quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock worth $120,098,000 after buying an additional 1,966,500 shares during the last quarter. Finally, Clear Street Group Inc. increased its stake in shares of D-Wave Quantum by 40.4% during the 4th quarter. Clear Street Group Inc. now owns 4,281,254 shares of the company’s stock valued at $111,955,000 after acquiring an additional 1,232,106 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.