D-Wave Quantum (NYSE:QBTS) Trading Up 6.3% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price shot up 6.3% during trading on Wednesday . The company traded as high as $19.45 and last traded at $19.3370. 21,670,208 shares were traded during mid-day trading, a decline of 26% from the average session volume of 29,413,363 shares. The stock had previously closed at $18.19.

Wall Street Analyst Weigh In

A number of research firms recently commented on QBTS. Weiss Ratings downgraded D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Wall Street Zen downgraded D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Northland Securities started coverage on D-Wave Quantum in a report on Monday, April 20th. They set a “market perform” rating and a $22.00 price target on the stock. Zacks Research upgraded D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $40.00 price target on shares of D-Wave Quantum in a report on Wednesday, May 13th. Fourteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.67.

D-Wave Quantum Stock Performance

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 firm has a fifty day simple moving average of $18.05 and a 200 day simple moving average of $22.35. The company has a market cap of $7.15 billion, a price-to-earnings ratio of -17.11 and a beta of 1.95.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03. The company had revenue of $2.86 million for the quarter, compared to the consensus estimate of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The company’s revenue for the quarter was down 80.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.02) earnings per share. On average, sell-side analysts expect that D-Wave Quantum Inc. will post -0.44 earnings per share for the current fiscal year.

Insider Activity at D-Wave Quantum

In other news, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $17.62, for a total value of $176,200.00. Following the sale, the director owned 27,778 shares in the company, valued at approximately $489,448.36. This trade represents a 26.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 10,706 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer owned 1,451,427 shares in the company, valued at approximately $25,588,658.01. The trade was a 0.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 31,776 shares of company stock worth $574,571. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently modified their holdings of QBTS. Baird Financial Group Inc. grew its stake in shares of D-Wave Quantum by 12.0% in the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after acquiring an additional 1,300 shares during the last quarter. Royal Bank of Canada grew its stake in shares of D-Wave Quantum by 59.8% in the first quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock worth $1,231,000 after acquiring an additional 60,668 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of D-Wave Quantum by 201.0% in the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock worth $1,526,000 after acquiring an additional 134,066 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of D-Wave Quantum by 93.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock worth $825,000 after acquiring an additional 52,437 shares during the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of D-Wave Quantum by 125.7% in the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after acquiring an additional 24,382 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.