D-Wave Quantum (NYSE:QBTS) Trading Up 2.8% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded up 2.8% during mid-day trading on Thursday . The stock traded as high as $21.49 and last traded at $21.2140. 16,470,572 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 31,543,840 shares. The stock had previously closed at $20.64.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Roth Capital lifted their target price on D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Zacks Research raised shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Needham & Company LLC restated a “buy” rating and set a $40.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Northland Securities started coverage on shares of D-Wave Quantum in a research note on Monday, April 20th. They set a “market perform” rating and a $22.00 price objective for the company. Finally, Mizuho increased their price objective on shares of D-Wave Quantum from $29.00 to $35.00 and gave the stock an “outperform” rating in a research note on Monday, June 15th. Fourteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.80.

D-Wave Quantum Stock Up 2.8%

The business’s fifty day simple moving average is $23.81 and its two-hundred day simple moving average is $22.05. The company has a market cap of $7.85 billion, a PE ratio of -18.77 and a beta of 2.11. The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31.

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

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 13,518 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $26.41, for a total transaction of $357,010.38. Following the transaction, the director owned 23,617 shares in the company, valued at approximately $623,724.97. This represents a 36.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Sophie C. Ames sold 23,025 shares of the firm’s stock in a transaction that occurred 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 sale, 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,363,842 shares of company stock valued at $35,802,656 in the last ninety days. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently added to or reduced their stakes in QBTS. UBS Group AG lifted its holdings in D-Wave Quantum by 541.6% during the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after purchasing an additional 10,205,427 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of D-Wave Quantum by 11.5% during the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock worth $220,085,000 after purchasing an additional 866,405 shares in the last quarter. State Street Corp increased its stake in shares of D-Wave Quantum by 5.3% during the fourth quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after purchasing an additional 385,809 shares in the last quarter. Marex Group plc increased its stake in shares of D-Wave Quantum by 74.9% during the fourth quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock worth $120,098,000 after purchasing an additional 1,966,500 shares in the last quarter. Finally, Clear Street Group Inc. raised its position in shares of D-Wave Quantum by 40.4% during the 4th quarter. Clear Street Group Inc. now owns 4,281,254 shares of the company’s stock worth $111,955,000 after purchasing an additional 1,232,106 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.