D-Wave Quantum (NYSE:QBTS) Stock Price Up 2.4% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price rose 2.4% on Monday . The company traded as high as $21.34 and last traded at $21.21. Approximately 23,543,308 shares were traded during trading, a decline of 37% from the average daily volume of 37,364,488 shares. The stock had previously closed at $20.72.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on QBTS shares. Evercore assumed coverage on D-Wave Quantum in a research note on Wednesday, December 3rd. They set an “outperform” rating and a $44.00 price objective for the company. Cantor Fitzgerald lifted their price target on D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Wall Street Zen downgraded D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday. Needham & Company LLC reiterated a “buy” rating and issued a $48.00 target price on shares of D-Wave Quantum in a report on Thursday, January 29th. Finally, Williams Trading set a $35.00 price target on shares of D-Wave Quantum in a report on Monday, November 10th. Thirteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.21.

D-Wave Quantum Trading Up 2.4%

The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05. The business’s 50 day moving average is $26.18 and its 200-day moving average is $24.82.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $3.74 million during the quarter, compared to analysts’ expectations of $3.03 million. The firm’s revenue was up 105.6% on a year-over-year basis. Research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 806,288 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $28.87, for a total value of $23,277,534.56. Following the completion of the transaction, the chief executive officer owned 2,801,265 shares of the company’s stock, valued at $80,872,520.55. This represents a 22.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO John M. Markovich sold 200,000 shares of the company’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $22.94, for a total value of $4,588,000.00. Following the completion of the transaction, the chief financial officer owned 1,482,874 shares of the company’s stock, valued at $34,017,129.56. The trade was a 11.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,346,916 shares of company stock worth $65,591,314 over the last three months. 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 business. Vanguard Group Inc. boosted its holdings in D-Wave Quantum by 41.2% during the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after purchasing an additional 11,218,255 shares in the last quarter. UBS Group AG grew its position in D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after acquiring an additional 10,205,427 shares during the period. Geode Capital Management LLC raised its stake in 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 acquiring an additional 866,405 shares in the last quarter. State Street Corp lifted its holdings in shares of D-Wave Quantum by 41.3% during the second quarter. State Street Corp now owns 6,648,395 shares of the company’s stock valued at $97,333,000 after acquiring an additional 1,941,762 shares during the period. Finally, Marex Group plc acquired a new stake in shares of D-Wave Quantum in the 2nd quarter valued at $80,070,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.