D-Wave Quantum (NYSE:QBTS) Trading Up 7.9% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) shares were up 7.9% during trading on Monday . The stock traded as high as $25.58 and last traded at $25.7390. Approximately 5,378,037 shares changed hands during trading, a decline of 83% from the average daily volume of 32,239,334 shares. The stock had previously closed at $23.85.

Analyst Upgrades and Downgrades

Several analysts recently commented on QBTS shares. B. Riley Financial boosted their price target on D-Wave Quantum from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. TD Cowen started coverage on D-Wave Quantum in a research report on Thursday, February 12th. They set a “buy” rating for the company. Rosenblatt Securities reiterated a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. Zacks Research upgraded D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of D-Wave Quantum in a research report on Tuesday, May 12th. Fourteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.40.

D-Wave Quantum Stock Up 10.5%

The firm has a market capitalization of $9.75 billion, a price-to-earnings ratio of -23.32 and a beta of 2.05. The business has a 50 day simple moving average of $20.70 and a 200-day simple moving average of $22.20. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41.

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

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum 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 owned 27,778 shares in the company, valued at $489,448.36. The trade was a 26.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Markovich sold 328,752 shares of D-Wave Quantum stock in a transaction 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 completion of the sale, the chief financial officer owned 1,442,820 shares in the company, valued at $39,966,114. This represents a 18.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 378,461 shares of company stock worth $10,064,084. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Root Financial Partners LLC raised its position in D-Wave Quantum by 388.0% in 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 D-Wave Quantum in the fourth quarter valued at $28,000. EverSource Wealth Advisors LLC raised its position in D-Wave Quantum by 267.7% in 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 D-Wave Quantum in the fourth quarter valued at $31,000. Finally, Ancora Advisors LLC purchased a new stake in D-Wave Quantum in the third quarter valued at $30,000. Hedge funds and other institutional investors 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.