D-Wave Quantum (NYSE:QBTS) Shares Up 5.1% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares were up 5.1% on Thursday . The company traded as high as $27.59 and last traded at $27.38. Approximately 38,531,580 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 41,100,738 shares. The stock had previously closed at $26.04.

Analysts Set New Price Targets

QBTS has been the topic of several recent analyst reports. Canaccord Genuity Group increased their target price on shares of D-Wave Quantum from $20.00 to $41.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price target on shares of D-Wave Quantum in a report on Wednesday, January 7th. Jefferies Financial Group began coverage on D-Wave Quantum in a report on Tuesday, December 16th. They issued a “buy” rating and a $45.00 price objective on the stock. Mizuho initiated coverage on D-Wave Quantum in a research note on Thursday, December 11th. They set an “outperform” rating and a $46.00 target price for the company. Finally, Wedbush started coverage on shares of D-Wave Quantum in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price target on the stock. Thirteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $37.86.

D-Wave Quantum Trading Up 5.1%

The company has a 50 day simple moving average of $26.17 and a 200 day simple moving average of $24.32. The company has a market capitalization of $9.59 billion, a PE ratio of -20.28 and a beta of 1.57. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68.

D-Wave Quantum (NYSE:QBTS) last issued 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 return on equity of 97.58% and a negative net margin of 1,651.81%.The firm had revenue of $3.74 million for the quarter, compared to analyst estimates of $3.03 million. The firm’s quarterly revenue was up 105.6% compared to the same quarter last year. Analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Activity at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 35,013 shares of the firm’s stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total value of $982,464.78. Following the transaction, the chief executive officer directly owned 2,598,150 shares of the company’s stock, valued at approximately $72,904,089. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO John M. Markovich sold 9,179 shares of the business’s stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total transaction of $257,562.74. Following the transaction, the chief financial officer owned 1,462,133 shares in the company, valued at $41,027,451.98. The trade was a 0.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 2,346,916 shares of company stock worth $65,591,314 over the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of QBTS. Atlantic Union Bankshares Corp purchased a new stake in shares of D-Wave Quantum in the second quarter valued at approximately $29,000. Ancora Advisors LLC acquired a new position in D-Wave Quantum during the third quarter worth $30,000. Financial Consulate Inc. acquired a new position in D-Wave Quantum during the third quarter worth $31,000. Parallel Advisors LLC grew its holdings in D-Wave Quantum by 227.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock valued at $32,000 after buying an additional 1,532 shares in the last quarter. Finally, Gables Capital Management Inc. acquired a new stake in shares of D-Wave Quantum in the 2nd quarter worth $37,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.