D-Wave Quantum (NASDAQ:QBTS) Shares Up 1.3% – Here’s Why

D-Wave Quantum Inc. (NASDAQ:QBTS)’s stock price was up 1.3% during mid-day trading on Friday . The stock traded as high as $21.46 and last traded at $21.17. Approximately 10,988,229 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 29,279,768 shares. The stock had previously closed at $20.90.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on QBTS. Weiss Ratings cut shares of D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday. Mizuho boosted their price target on D-Wave Quantum from $29.00 to $35.00 and gave the stock an “outperform” rating in a research report on Monday, June 15th. Stifel Nicolaus set a $35.00 target price on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Wedbush started coverage on D-Wave Quantum in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price objective on the stock. Finally, Zacks Research upgraded shares of D-Wave Quantum from a “hold” rating to a “strong-buy” rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.36.

D-Wave Quantum Trading Up 1.3%

The company has a current ratio of 20.55, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03. The stock has a 50 day moving average of $21.04 and a 200-day moving average of $20.37. The company has a market capitalization of $7.83 billion, a P/E ratio of -29.82 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The business had revenue of $3.08 million for the quarter, compared to the consensus estimate of $4.03 million. During the same period in the prior year, the business earned ($0.08) earnings per share. D-Wave Quantum’s revenue was down 0.6 compared to the same quarter last year. On average, research analysts predict that D-Wave Quantum Inc. will post -0.42 EPS for the current year.

Insider Transactions at D-Wave Quantum

In related news, VP Sophie C. Ames sold 3,070 shares of the business’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $16.95, for a total value of $52,036.50. Following the sale, the vice president directly owned 589,009 shares in the company, valued at approximately $9,983,702.55. The trade was a 0.52% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rohit Ghai sold 13,518 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $26.41, for a total value of $357,010.38. Following the sale, the director directly owned 23,617 shares in the company, valued at $623,724.97. This trade represents a 36.40% 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. In the last ninety days, insiders sold 1,363,842 shares of company stock valued at $35,789,148. 1.30% of the stock is owned by insiders.

Institutional Trading of D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of QBTS. Root Financial Partners LLC raised its stake in shares of D-Wave Quantum by 388.0% in the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after acquiring an additional 776 shares during the period. Fiduciary Financial Advisors bought a new stake in shares of D-Wave Quantum during the second quarter valued at approximately $25,000. Kemnay Advisory Services Inc. bought a new stake in D-Wave Quantum during the 4th quarter valued at $28,000. EverSource Wealth Advisors LLC raised its holdings in shares of D-Wave Quantum by 267.7% in 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 in the last quarter. Finally, Mcguire Capital Advisors Inc. purchased a new stake in shares of D-Wave Quantum in the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors 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.