D-Wave Quantum (NYSE:QBTS) Trading 4.6% Higher – Here’s What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS) shot up 4.6% during trading on Monday . The company traded as high as $16.47 and last traded at $16.4530. 20,734,624 shares were traded during trading, a decline of 31% from the average session volume of 30,149,658 shares. The stock had previously closed at $15.73.

Analyst Upgrades and Downgrades

QBTS has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of D-Wave Quantum in a report on Monday, December 29th. Roth Mkm cut their price objective on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Evercore assumed coverage on D-Wave Quantum in a research note on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 price objective on the stock. Wall Street Zen cut D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Finally, Benchmark reissued a “buy” rating and set a $35.00 target price on shares of D-Wave Quantum in a research report on Friday, January 23rd. Fourteen analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, D-Wave Quantum has a consensus rating of “Moderate Buy” and an average target price of $36.50.

D-Wave Quantum Trading Up 4.6%

The firm has a market cap of $6.09 billion, a price-to-earnings ratio of -14.96 and a beta of 1.61. The business has a 50 day moving average price of $21.14 and a 200-day moving average price of $25.22. The company has a quick ratio of 42.25, a current ratio of 42.38 and a debt-to-equity ratio of 0.04.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results on Thursday, February 26th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). The firm had revenue of $2.75 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 21.7% compared to the same quarter last year. As a group, research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Alan E. Baratz sold 35,013 shares of the firm’s stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total transaction of $982,464.78. Following the completion of the sale, the chief executive officer owned 2,598,150 shares of the company’s stock, valued at approximately $72,904,089. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum stock in a transaction on Monday, March 16th. The stock was sold at an average price of $17.62, for a total transaction of $176,200.00. Following the completion of the sale, the director owned 27,778 shares of the company’s stock, valued at approximately $489,448.36. This trade represents a 26.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 72,898 shares of company stock valued at $1,749,054. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its stake in shares of D-Wave Quantum by 34.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $46,000 after purchasing an additional 482 shares in the last quarter. Blue Bell Private Wealth Management LLC grew its stake in D-Wave Quantum by 5.3% in the third quarter. Blue Bell Private Wealth Management LLC now owns 9,901 shares of the company’s stock worth $245,000 after purchasing an additional 500 shares in the last quarter. Huntington National Bank grew its stake in D-Wave Quantum by 17.9% in the third quarter. Huntington National Bank now owns 3,300 shares of the company’s stock worth $82,000 after purchasing an additional 500 shares in the last quarter. bLong Financial LLC increased its holdings in D-Wave Quantum by 2.3% in the second quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock valued at $361,000 after buying an additional 551 shares during the last quarter. Finally, Sigma Planning Corp raised its stake in D-Wave Quantum by 3.6% during the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock valued at $431,000 after buying an additional 560 shares in the last quarter. 42.47% of the stock is 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.