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

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

Key Headlines Impacting D-Wave Quantum

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Weiss Ratings raised shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. B. Riley Financial raised their price target on shares of D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Needham & Company LLC restated a “buy” rating and set a $40.00 price target on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. Canaccord Genuity Group decreased their price target on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating on the stock in a report on Wednesday, May 13th. Finally, Stifel Nicolaus set a $35.00 price objective on D-Wave Quantum in a research report on Tuesday, June 2nd. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, D-Wave Quantum has a consensus rating of “Moderate Buy” and a consensus price target of $36.80.

D-Wave Quantum Stock Up 3.6%

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 fifty day moving average price of $23.42 and a 200 day moving average price of $22.28. The company has a market cap of $8.40 billion, a PE ratio of -20.09 and a beta of 2.05.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The business had revenue of $2.86 million for the quarter, compared to the consensus estimate of $4.19 million. During the same period last year, the firm posted ($0.02) earnings per share. D-Wave Quantum’s quarterly revenue was down 80.9% on a year-over-year basis. As a group, analysts anticipate that D-Wave Quantum Inc. will post -0.43 EPS for the current year.

Insider Activity

In related news, VP Sophie C. Ames sold 23,025 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $18.98, for a total value of $437,014.50. Following the completion of the transaction, the vice president directly owned 596,803 shares in the company, valued at approximately $11,327,320.94. The trade was a 3.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan E. Baratz sold 687,627 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $26.13, for a total value of $17,967,693.51. Following the completion of the transaction, the chief executive officer directly owned 3,299,771 shares in the company, valued at approximately $86,223,016.23. This represents a 17.25% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,363,842 shares of company stock worth $35,802,656. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently modified their holdings of QBTS. Root Financial Partners LLC raised its holdings 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 buying an additional 776 shares in the last quarter. Parallel Advisors LLC boosted its stake in D-Wave Quantum by 545.5% in the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock worth $26,000 after buying an additional 1,511 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in D-Wave Quantum in the fourth quarter worth approximately $28,000. PeakShares LLC bought a new position in D-Wave Quantum during the first quarter valued at approximately $29,000. Finally, EverSource Wealth Advisors LLC grew its position 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 valued at $30,000 after acquiring an additional 838 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors.

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.