D-Wave Quantum (NYSE:QBTS) Stock Price Up 7.9% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price rose 7.9% during mid-day trading on Monday . The stock traded as high as $26.73 and last traded at $25.7360. Approximately 28,890,151 shares changed hands during trading, a decline of 11% from the average daily volume of 32,467,918 shares. The stock had previously closed at $23.85.

Analyst Upgrades and Downgrades

QBTS has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 price target on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Stifel Nicolaus set a $35.00 target price on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. Canaccord Genuity Group decreased their target price on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating on the stock in a research report on Wednesday, May 13th. Finally, Mizuho decreased their target price on shares of D-Wave Quantum from $31.00 to $29.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Fourteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, D-Wave Quantum presently has an average rating of “Moderate Buy” and a consensus target price of $36.40.

D-Wave Quantum Price Performance

The company’s 50-day moving average is $20.70 and its 200-day moving average is $22.20. The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31. The firm has a market capitalization of $9.52 billion, a price-to-earnings ratio of -22.78 and a beta of 2.05.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.03. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The business had revenue of $2.86 million for the quarter, compared to analysts’ expectations of $4.19 million. During the same period last year, the company earned ($0.02) earnings per share. The company’s quarterly revenue was down 80.9% on a year-over-year basis. On average, research analysts expect that D-Wave Quantum Inc. will post -0.43 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In related news, CFO John M. Markovich sold 328,752 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $27.70, for a total value of $9,106,430.40. Following the transaction, the chief financial officer owned 1,442,820 shares in the company, valued at approximately $39,966,114. This trade represents a 18.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Rohit Ghai sold 10,000 shares of the firm’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 transaction, the director owned 27,778 shares in the company, valued at $489,448.36. The trade was a 26.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 386,311 shares of company stock worth $10,255,860. 1.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Root Financial Partners LLC raised its stake in shares of D-Wave Quantum by 388.0% during the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after purchasing an additional 776 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $28,000. EverSource Wealth Advisors LLC raised its stake in shares of D-Wave Quantum by 267.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after purchasing an additional 838 shares during the period. Mcguire Capital Advisors Inc. purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $31,000. Finally, Ancora Advisors LLC purchased a new stake in shares of D-Wave Quantum during the third quarter valued at approximately $30,000. 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.