D-Wave Quantum (NYSE:QBTS) Shares Up 4.6% – What’s Next?

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Zacks Research downgraded shares of D-Wave Quantum from a “hold” rating to a “strong sell” rating in a research report on Friday, March 6th. Evercore began coverage on D-Wave Quantum in a research note on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 target price on the stock. Benchmark reiterated a “buy” rating and set a $35.00 price target on shares of D-Wave Quantum in a research report on Friday, January 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of D-Wave Quantum in a research report on Monday, December 29th. Finally, Jefferies Financial Group started coverage on shares of D-Wave Quantum in a research note on Tuesday, December 16th. They set a “buy” rating and a $45.00 price objective on the stock. Fourteen research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $36.50.

D-Wave Quantum Price Performance

The company has a fifty day simple moving average of $20.64 and a two-hundred day simple moving average of $25.23. The stock has a market capitalization of $5.99 billion, a price-to-earnings ratio of -14.71 and a beta of 1.61. The company has a debt-to-equity ratio of 0.04, a quick ratio of 42.25 and a current ratio of 42.38.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly 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). D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The company had revenue of $2.75 million during the quarter, compared to the consensus estimate of $3.74 million. The business’s quarterly revenue was up 21.7% compared to the same quarter last year. As a group, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were 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 represents a 26.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $18.01, for a total transaction of $144,080.00. Following the sale, the director owned 19,803 shares in the company, valued at $356,652.03. This represents a 28.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 72,898 shares of company stock valued at $1,749,054 over the last quarter. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently modified their holdings of QBTS. Osaic Holdings Inc. increased its holdings in shares of D-Wave Quantum by 125.7% during the second quarter. Osaic Holdings Inc. now owns 247,004 shares of the company’s stock worth $3,616,000 after buying an additional 137,549 shares in the last quarter. UNICOM Systems Inc. boosted its holdings in shares of D-Wave Quantum by 12.1% during the 3rd quarter. UNICOM Systems Inc. now owns 3,121,346 shares of the company’s stock valued at $77,128,000 after acquiring an additional 337,838 shares in the last quarter. Csenge Advisory Group grew its position in D-Wave Quantum by 99.1% during the 3rd quarter. Csenge Advisory Group now owns 35,886 shares of the company’s stock worth $887,000 after acquiring an additional 17,860 shares during the last quarter. Mutual Advisors LLC bought a new stake in D-Wave Quantum during the 3rd quarter worth $1,069,000. Finally, Federated Hermes Inc. increased its holdings in D-Wave Quantum by 259,560.6% in the 3rd quarter. Federated Hermes Inc. now owns 184,359 shares of the company’s stock worth $4,556,000 after purchasing an additional 184,288 shares in the last quarter. 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.