D-Wave Quantum (NYSE:QBTS) Stock Price Up 3.6% – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price shot up 3.6% during trading on Friday . The stock traded as high as $22.86 and last traded at $22.6990. 31,389,928 shares were traded during trading, a decline of 3% from the average session volume of 32,339,709 shares. The stock had previously closed at $21.91.

More D-Wave Quantum News

Here are the key news stories impacting D-Wave Quantum this week:

• Positive Sentiment: D-Wave unveiled an error-aware gate-model simulator and outlined a longer-term roadmap toward as many as 100 logical qubits by 2032, which could support its push beyond quantum annealing and strengthen its competitive narrative. D-Wave Advances Gate-Model Roadmap With First-of-its-Kind Stimulator
• Positive Sentiment: Roth Capital raised its price target on QBTS to $40 from $30 and kept a Buy rating, signaling that some analysts still see meaningful upside if the company can deliver on its roadmap and bookings growth. D-Wave Quantum (QBTS) Says It Has a Key Edge Over Rivals; Is Wall Street Buying the Story?
• Positive Sentiment: New U.S. quantum-computing executive orders and federal funding plans could create future government-contract and standards-setting opportunities for D-Wave Quantum as the sector gets more policy support. D-Wave Quantum (QBTS) Is Down 11.3% After U.S. Quantum Orders And Dual-Platform Roadmap Shift

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on QBTS shares. Zacks Research raised D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Cantor Fitzgerald reiterated an “overweight” rating and set a $40.00 price target on shares of D-Wave Quantum in a report on Wednesday, May 13th. Weiss Ratings raised D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. Rosenblatt Securities restated a “buy” rating and issued a $43.00 price objective on shares of D-Wave Quantum in a research note on Thursday, June 11th. Finally, Northland Securities assumed coverage on D-Wave Quantum in a research report on Monday, April 20th. They set a “market perform” rating and a $22.00 target price for the company. Fourteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, D-Wave Quantum presently has an average rating of “Moderate Buy” and an average target price of $36.80.

D-Wave Quantum Stock Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31. The company has a 50 day simple moving average of $23.42 and a 200-day simple moving average of $22.28. The stock has a market capitalization of $8.40 billion, a P/E ratio of -20.09 and a beta of 2.05.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, topping 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 the consensus estimate of $4.19 million. During the same quarter in the prior year, the company earned ($0.02) EPS. The firm’s quarterly revenue was down 80.9% compared to the same quarter last year. On average, equities analysts forecast that D-Wave Quantum Inc. will post -0.43 EPS for the current year.

Insider Activity

In other news, CFO John M. Markovich sold 328,752 shares of D-Wave Quantum stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $27.70, for a total value of $9,106,430.40. Following the completion of the transaction, the chief financial officer owned 1,442,820 shares in the company, valued at $39,966,114. This trade represents a 18.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alan E. Baratz sold 687,627 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the completion of the sale, the chief executive officer directly owned 3,299,771 shares in the company, valued at approximately $86,223,016.23. This trade represents a 17.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 1,363,842 shares of company stock valued at $35,802,656. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently made changes to their positions in the stock. Root Financial Partners LLC raised its stake in shares of D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after purchasing an additional 776 shares during the period. Kemnay Advisory Services Inc. bought a new position in D-Wave Quantum in the 4th quarter worth about $28,000. EverSource Wealth Advisors LLC grew its holdings in D-Wave Quantum by 267.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after buying an additional 838 shares in the last quarter. Mcguire Capital Advisors Inc. purchased a new position in D-Wave Quantum during the 4th quarter valued at about $31,000. Finally, Ancora Advisors LLC bought a new stake in shares of D-Wave Quantum during the third quarter valued at about $30,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.