D-Wave Quantum (NYSE:QBTS) Shares Up 4.4% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) traded up 4.4% during trading on Thursday . The stock traded as high as $28.49 and last traded at $27.97. 30,880,672 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 61,361,039 shares. The stock had previously closed at $26.80.

Analyst Ratings Changes

A number of brokerages have weighed in on QBTS. Mizuho initiated coverage on D-Wave Quantum in a report on Thursday. They issued an “outperform” rating and a $46.00 price objective on the stock. Zacks Research raised shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. B. Riley upped their price objective on shares of D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Wall Street Zen raised shares of D-Wave Quantum from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Williams Trading set a $35.00 target price on D-Wave Quantum in a report on Monday, November 10th. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

D-Wave Quantum Stock Up 4.4%

The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49. The company has a market capitalization of $9.79 billion, a PE ratio of -20.72 and a beta of 1.57. The business’s 50 day simple moving average is $29.76 and its 200 day simple moving average is $21.91.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The business had revenue of $3.74 million during the quarter, compared to the consensus estimate of $3.03 million. The business’s quarterly revenue was up 105.6% compared to the same quarter last year. As a group, analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction on Friday, December 5th. The stock was sold at an average price of $27.36, for a total value of $218,880.00. Following the sale, the director owned 27,803 shares in the company, valued at $760,690.08. The trade was a 22.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Markovich sold 100,000 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $25.05, for a total value of $2,505,000.00. Following the transaction, the chief financial officer owned 1,482,874 shares of the company’s stock, valued at approximately $37,145,993.70. This represents a 6.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,444,813 shares of company stock worth $38,959,206 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its position in shares of D-Wave Quantum by 34.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock worth $46,000 after purchasing an additional 482 shares during the period. Blue Bell Private Wealth Management LLC lifted its stake in D-Wave Quantum by 5.3% during 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 boosted its position in shares of D-Wave Quantum by 17.9% during the third quarter. Huntington National Bank now owns 3,300 shares of the company’s stock worth $82,000 after buying an additional 500 shares during the period. bLong Financial LLC grew its stake in shares of 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 in the last quarter. Finally, Comerica Bank raised its holdings in shares of D-Wave Quantum by 1.8% in the 3rd quarter. Comerica Bank now owns 36,443 shares of the company’s stock valued at $901,000 after buying an additional 643 shares during the period. 42.47% of the stock is owned by hedge funds and other institutional investors.

D-Wave Quantum Company Profile

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.