D-Wave Quantum (NYSE:QBTS) Trading 2.5% Higher – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price rose 2.5% during mid-day trading on Monday . The company traded as high as $19.10 and last traded at $19.0520. Approximately 25,877,743 shares traded hands during mid-day trading, a decline of 19% from the average daily volume of 31,921,959 shares. The stock had previously closed at $18.59.

Wall Street Analyst Weigh In

QBTS has been the subject of several research reports. Needham & Company LLC cut their price target on D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of D-Wave Quantum in a report on Monday, December 29th. Roth Mkm reduced their target price on shares of D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Evercore initiated coverage on shares of D-Wave Quantum in a research report on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 price target on the stock. Finally, Mizuho dropped their price target on shares of D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. Fourteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Moderate Buy” and an average target price of $36.50.

D-Wave Quantum Trading Up 2.5%

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 firm has a market capitalization of $7.05 billion, a P/E ratio of -17.32 and a beta of 1.61. The firm’s 50-day simple moving average is $23.27 and its 200-day simple moving average is $25.07.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.04). D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The company had revenue of $2.75 million for the quarter, compared to analysts’ expectations of $3.74 million. The business’s quarterly revenue was up 21.7% on a year-over-year basis. Analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director John D. Dilullo sold 8,000 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $18.01, for a total transaction of $144,080.00. Following the transaction, the director directly owned 19,803 shares of the company’s stock, valued at approximately $356,652.03. The trade was a 28.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 100,000 shares of the firm’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $30.03, for a total transaction of $3,003,000.00. Following the completion of the sale, the chief financial officer directly owned 1,471,312 shares of the company’s stock, valued at approximately $44,183,499.36. This represents a 6.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 967,466 shares of company stock valued at $28,820,666 over the last three months. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently bought and sold shares of QBTS. Vanguard Group Inc. grew its holdings in shares of D-Wave Quantum by 41.2% during the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after acquiring an additional 11,218,255 shares during the period. UBS Group AG lifted its stake in shares of D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after purchasing an additional 10,205,427 shares during the period. Marex Group plc bought a new stake in shares of D-Wave Quantum during the second quarter valued at approximately $80,070,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of D-Wave Quantum by 136,842.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company’s stock valued at $83,546,000 after purchasing an additional 3,192,533 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in D-Wave Quantum in the second quarter worth $45,372,000. 42.47% of the stock is owned by institutional investors.

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.