D-Wave Quantum (NASDAQ:QBTS) Trading 2% Higher – Still a Buy?

D-Wave Quantum Inc. (NASDAQ:QBTS)’s stock price shot up 2% during mid-day trading on Thursday . The stock traded as high as $16.96 and last traded at $16.82. Approximately 10,954,975 shares were traded during mid-day trading, a decline of 61% from the average session volume of 28,101,104 shares. The stock had previously closed at $16.49.

Analysts Set New Price Targets

QBTS has been the subject of a number of analyst reports. Benchmark initiated coverage on shares of D-Wave Quantum in a research note on Monday, July 27th. They set a “buy” rating and a $30.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Wall Street Zen raised D-Wave Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Rosenblatt Securities restated a “buy” rating and set a $43.00 target price on shares of D-Wave Quantum in a research report on Friday, August 7th. Finally, Mizuho boosted their price target on D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, June 15th. Thirteen research 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 MarketBeat, D-Wave Quantum currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.27.

D-Wave Quantum Stock Down 1.4%

The company has a market cap of $6.13 billion, a P/E ratio of -23.35 and a beta of 2.15. The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42. The business’s 50 day moving average price is $19.31 and its 200-day moving average price is $20.05.

D-Wave Quantum (NASDAQ:QBTS) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.The business had revenue of $3.08 million for the quarter, compared to the consensus estimate of $4.03 million. During the same quarter last year, the company earned ($0.08) earnings per share. The firm’s revenue was down 0.6 on a year-over-year basis. On average, analysts anticipate that D-Wave Quantum Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 13,518 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $26.41, for a total value of $357,010.38. Following the completion of the transaction, the director directly owned 23,617 shares of the company’s stock, valued at approximately $623,724.97. The trade was a 36.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Sophie Ames sold 3,070 shares of the stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $16.95, for a total transaction of $52,036.50. Following the sale, the vice president directly owned 589,009 shares in the company, valued at $9,983,702.55. This trade represents a 0.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 1,001,307 shares of company stock worth $25,963,780. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Fiduciary Financial Advisors bought a new position in D-Wave Quantum in the second quarter valued at about $25,000. Root Financial Partners LLC raised its holdings in D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after purchasing an additional 776 shares during the last quarter. Parallel Advisors LLC raised its holdings in D-Wave Quantum by 545.5% during the 1st quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock worth $26,000 after purchasing an additional 1,511 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new position in D-Wave Quantum during the 4th quarter valued at about $28,000. Finally, PeakShares LLC acquired a new position in D-Wave Quantum during the 1st quarter valued at about $29,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.