D-Wave Quantum (NYSE:QBTS) Shares Up 2.3% – Still a Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) rose 2.3% during trading on Monday . The stock traded as high as $21.72 and last traded at $20.9520. Approximately 24,669,797 shares changed hands during trading, a decline of 17% from the average daily volume of 29,644,623 shares. The stock had previously closed at $20.49.

Wall Street Analysts Forecast Growth

QBTS has been the topic of several analyst reports. Needham & Company LLC reduced their price target on shares of D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Northland Securities initiated coverage on shares of D-Wave Quantum in a research report on Monday, April 20th. They set a “market perform” rating and a $22.00 price target on the stock. Benchmark reaffirmed a “buy” rating and set a $35.00 price target on shares of D-Wave Quantum in a research report on Friday, January 23rd. Mizuho reduced their price objective on shares of D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, February 27th. Finally, Weiss Ratings lowered shares of D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Moderate Buy” and a consensus target price of $35.53.

D-Wave Quantum Trading Up 2.3%

The company has a quick ratio of 42.25, a current ratio of 42.38 and a debt-to-equity ratio of 0.04. The company has a market cap of $7.75 billion, a PE ratio of -19.05 and a beta of 1.95. The business has a 50-day simple moving average of $17.44 and a 200-day simple moving average of $23.37.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). The business had revenue of $2.75 million for the quarter, compared to analysts’ expectations of $3.74 million. D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The company’s revenue was up 21.7% compared to the same quarter last year. On average, analysts predict that D-Wave Quantum Inc. will post -0.44 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other news, CFO John M. Markovich sold 10,706 shares of the company’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 sale, the chief financial officer owned 1,451,427 shares of the company’s stock, valued at approximately $25,588,658.01. This represents a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $17.62, for a total value of $176,200.00. Following the sale, the director directly owned 27,778 shares in the company, valued at $489,448.36. This represents a 26.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 31,776 shares of company stock valued at $574,571 over the last three months. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

A number of large investors have recently modified their holdings of the stock. Global Assets Advisory LLC purchased a new stake in shares of D-Wave Quantum during the first quarter worth $46,000. Diversify Wealth Management LLC purchased a new stake in shares of D-Wave Quantum during the first quarter worth $264,000. Citizens Financial Group Inc. RI increased its stake in shares of D-Wave Quantum by 1.6% during the first quarter. Citizens Financial Group Inc. RI now owns 79,586 shares of the company’s stock worth $1,148,000 after buying an additional 1,226 shares during the period. Fifth Third Bancorp increased its stake in shares of D-Wave Quantum by 3,350.0% during the first quarter. Fifth Third Bancorp now owns 53,199 shares of the company’s stock worth $768,000 after buying an additional 51,657 shares during the period. Finally, Rossmore Private Capital increased its stake in shares of D-Wave Quantum by 41.9% during the first quarter. Rossmore Private Capital now owns 16,920 shares of the company’s stock worth $244,000 after buying an additional 5,000 shares during the period. 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.