D-Wave Quantum (NYSE:QBTS) Stock Price Up 1.8% – Time to Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded up 1.8% on Tuesday . The company traded as high as $19.25 and last traded at $19.0010. 15,603,857 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 31,177,916 shares. The stock had previously closed at $18.66.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on QBTS. B. Riley Financial increased their target price on D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 target price on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Roth Capital boosted their price target 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. Rosenblatt Securities reiterated a “buy” rating and set a $43.00 target price on shares of D-Wave Quantum in a report on Thursday, June 11th. Finally, Mizuho lifted their price objective on D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a report on Monday, June 15th. Fourteen 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.80.

D-Wave Quantum Price Performance

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 company’s fifty day moving average is $23.72 and its 200 day moving average is $21.73. The firm has a market cap of $6.76 billion, a price-to-earnings ratio of -16.18 and a beta of 2.11.

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 the consensus estimate of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The company had revenue of $2.86 million during the quarter, compared to analysts’ expectations of $4.19 million. During the same quarter last year, the company earned ($0.02) EPS. D-Wave Quantum’s revenue for the quarter was down 80.9% compared to the same quarter last year. On average, equities research analysts predict that D-Wave Quantum Inc. will post -0.42 EPS for the current year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, Director John D. Dilullo sold 7,850 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $24.43, for a total transaction of $191,775.50. Following the sale, the director directly owned 21,310 shares of the company’s stock, valued at approximately $520,603.30. This represents a 26.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Sophie C. Ames sold 23,025 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $18.98, for a total transaction of $437,014.50. Following the transaction, the vice president owned 596,803 shares in the company, valued at $11,327,320.94. This represents a 3.71% decrease in their ownership of the stock. 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 1,363,842 shares of company stock worth $35,802,656. Insiders own 1.30% of the company’s stock.

Institutional Trading of D-Wave Quantum

A number of hedge funds have recently made changes to their positions in the business. UBS Group AG lifted its holdings in D-Wave Quantum by 541.6% during the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after purchasing an additional 10,205,427 shares during the last quarter. Geode Capital Management LLC lifted its position in D-Wave Quantum by 11.5% during the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock worth $220,085,000 after acquiring an additional 866,405 shares during the last quarter. State Street Corp grew its position in shares of D-Wave Quantum by 5.3% in the fourth quarter. State Street Corp now owns 7,707,085 shares of the company’s stock valued at $201,540,000 after purchasing an additional 385,809 shares during the last quarter. Marex Group plc increased its position in D-Wave Quantum by 74.9% during 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 period. Finally, Clear Street Group Inc. boosted its position in shares of D-Wave Quantum by 40.4% in the fourth 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 period. 42.47% of the stock is 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.