D-Wave Quantum (NYSE:QBTS) Trading 3.8% Higher – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS) rose 3.8% during mid-day trading on Wednesday . The stock traded as high as $19.07 and last traded at $18.94. Approximately 18,939,831 shares were traded during trading, a decline of 41% from the average daily volume of 32,233,586 shares. The stock had previously closed at $18.24.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on QBTS. Rosenblatt Securities restated a “buy” rating and set a $43.00 target price on shares of D-Wave Quantum in a research note on Wednesday, January 28th. Benchmark reissued a “buy” rating and set a $35.00 price target on shares of D-Wave Quantum in a report on Friday, January 23rd. Roth Mkm dropped their price objective on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Wedbush began coverage on D-Wave Quantum in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price objective on the stock. Finally, Mizuho lowered their target price on D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, February 27th. Fourteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $36.50.

D-Wave Quantum Stock Up 3.8%

The firm has a 50-day simple moving average of $23.76 and a 200 day simple moving average of $25.00. The stock has a market capitalization of $7.00 billion, a P/E ratio of -17.22 and a beta of 1.61. The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.04). D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 67.75%. The firm had revenue of $2.75 million during the quarter, compared to analyst estimates of $3.74 million. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. On average, equities research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling at D-Wave Quantum

In related news, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $24.28, for a total value of $242,800.00. Following the sale, the director owned 37,778 shares of the company’s stock, valued at $917,249.84. The trade was a 20.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO John M. Markovich sold 100,000 shares of the firm’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $30.03, for a total value of $3,003,000.00. Following the transaction, the chief financial officer directly owned 1,471,312 shares of the company’s stock, valued at approximately $44,183,499.36. This represents a 6.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 967,466 shares of company stock worth $28,895,466 in the last three months. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

Institutional investors have recently added to or reduced their stakes in the stock. Root Financial Partners LLC raised its holdings in D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after purchasing an additional 776 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth $28,000. Atlantic Union Bankshares Corp bought a new position in D-Wave Quantum during the second quarter worth $29,000. EverSource Wealth Advisors LLC raised its stake in D-Wave Quantum by 267.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after buying an additional 838 shares during the last quarter. Finally, Ancora Advisors LLC acquired a new position in D-Wave Quantum in the third quarter valued at $30,000. 42.47% of the stock is currently owned by institutional investors.

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.