D-Wave Quantum (NYSE:QBTS) Shares Up 2.5% – Still a Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were up 2.5% during trading on Monday . The stock traded as high as $19.10 and last traded at $19.0520. Approximately 25,877,743 shares were traded during mid-day trading, a decline of 19% from the average daily volume of 31,921,959 shares. The stock had previously closed at $18.59.

Analyst Ratings Changes

Several research firms have commented on QBTS. Jefferies Financial Group assumed coverage on shares of D-Wave Quantum in a report on Tuesday, December 16th. They set a “buy” rating and a $45.00 price objective for the company. Roth Mkm lowered their price objective on shares of 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. Benchmark reissued a “buy” rating and issued a $35.00 price objective on shares of D-Wave Quantum in a research note on Friday, January 23rd. TD Cowen started coverage on shares of D-Wave Quantum in a research report on Thursday, February 12th. They set a “buy” rating on the stock. Finally, Evercore initiated coverage on shares of D-Wave Quantum in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $44.00 target price on the stock. Fourteen investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $36.50.

D-Wave Quantum Stock Up 0.9%

The company has a debt-to-equity ratio of 0.04, a quick ratio of 42.25 and a current ratio of 42.38. The company has a fifty day moving average of $22.98 and a two-hundred day moving average of $25.12. The company has a market cap of $7.00 billion, a PE ratio of -17.21 and a beta of 1.61.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates 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 58.58%. The firm had revenue of $2.75 million for the quarter, compared to the consensus estimate of $3.74 million. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. As a group, analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Alan E. Baratz sold 793,712 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $30.13, for a total value of $23,914,542.56. Following the sale, the chief executive officer directly owned 2,633,163 shares of the company’s stock, valued at $79,337,201.19. This represents a 23.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $18.01, for a total value of $144,080.00. Following the transaction, the director owned 19,803 shares of the company’s stock, valued at $356,652.03. This trade represents a 28.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 967,466 shares of company stock valued at $28,820,666. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently bought and sold shares of the business. Root Financial Partners LLC lifted its position in shares of D-Wave Quantum by 388.0% during the fourth 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. bought a new position in shares of D-Wave Quantum in the fourth quarter worth about $28,000. EverSource Wealth Advisors LLC grew its holdings in shares of D-Wave Quantum by 267.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after purchasing an additional 838 shares during the last quarter. Mcguire Capital Advisors Inc. purchased a new position in D-Wave Quantum in the 4th quarter worth about $31,000. Finally, Ancora Advisors LLC bought a new stake in D-Wave Quantum during the 3rd 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.