D-Wave Quantum (NYSE:QBTS) Trading 1.6% Higher – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price shot up 1.6% during mid-day trading on Wednesday . The company traded as high as $16.73 and last traded at $16.1830. 15,945,819 shares were traded during trading, a decline of 46% from the average session volume of 29,689,410 shares. The stock had previously closed at $15.93.

Analyst Ratings Changes

A number of research firms have recently weighed in on QBTS. Canaccord Genuity Group set a $43.00 target price on D-Wave Quantum in a research note on Thursday, January 29th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a research note on Wednesday, January 28th. Jefferies Financial Group started coverage on D-Wave Quantum in a research report on Tuesday, December 16th. They issued a “buy” rating and a $45.00 price objective for the company. Benchmark reissued a “buy” rating and set a $35.00 price objective on shares of D-Wave Quantum in a research note on Friday, January 23rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Monday, December 29th. Fourteen investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.50.

D-Wave Quantum Trading Up 1.6%

The company has a debt-to-equity ratio of 0.04, a current ratio of 42.38 and a quick ratio of 42.25. The firm’s 50 day moving average price is $20.64 and its 200 day moving average price is $25.23. The stock has a market capitalization of $5.99 billion, a P/E ratio of -14.71 and a beta of 1.61.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results 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). The business had revenue of $2.75 million during the quarter, compared to the consensus estimate of $3.74 million. D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.D-Wave Quantum’s revenue was up 21.7% compared to the same quarter last year. As a group, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO John M. Markovich sold 10,706 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $17.63, for a total transaction of $188,746.78. Following the transaction, the chief financial officer directly owned 1,451,427 shares of the company’s stock, valued at approximately $25,588,658.01. The trade was a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of the company’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 approximately $356,652.03. This represents a 28.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 72,898 shares of company stock valued at $1,749,054 over the last three months. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of D-Wave Quantum by 41.2% during the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after buying an additional 11,218,255 shares during the period. UBS Group AG lifted its holdings in D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after buying an additional 10,205,427 shares during the period. Geode Capital Management LLC boosted its position in D-Wave Quantum by 11.5% during the 4th quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock valued at $220,085,000 after acquiring an additional 866,405 shares in the last quarter. State Street Corp grew its holdings in shares of D-Wave Quantum by 5.3% during the 4th quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after acquiring an additional 385,809 shares during the period. Finally, Marex Group plc purchased a new position in shares of D-Wave Quantum during the 2nd quarter worth approximately $80,070,000. 42.47% of the stock is owned by hedge funds and other 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.