D-Wave Quantum (NYSE:QBTS) Trading 2.4% Higher – Still a Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were up 2.4% during mid-day trading on Monday . The stock traded as high as $21.34 and last traded at $21.21. Approximately 23,543,308 shares traded hands during trading, a decline of 37% from the average daily volume of 37,364,488 shares. The stock had previously closed at $20.72.

Analysts Set New Price Targets

A number of equities research analysts recently commented on QBTS shares. Mizuho started coverage on D-Wave Quantum in a research report on Thursday, December 11th. They set an “outperform” rating and a $46.00 price target on the stock. Wedbush assumed coverage on D-Wave Quantum in a report on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price target for the company. Wall Street Zen downgraded shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research report on Saturday. Canaccord Genuity Group set a $43.00 price objective on shares of D-Wave Quantum in a research report on Thursday, January 29th. Finally, Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. Thirteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, D-Wave Quantum has an average rating of “Moderate Buy” and a consensus price target of $38.21.

D-Wave Quantum Trading Up 2.4%

The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05. The company’s fifty day moving average is $26.18 and its two-hundred day moving average is $24.82.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.02. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The company had revenue of $3.74 million during the quarter, compared to analysts’ expectations of $3.03 million. The business’s revenue was up 105.6% compared to the same quarter last year. Research analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Kirstjen Nielsen sold 7,000 shares of the company’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $22.62, for a total value of $158,340.00. Following the completion of the sale, the director directly owned 112,673 shares of the company’s stock, valued at $2,548,663.26. This represents a 5.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $24.28, for a total transaction of $242,800.00. Following the completion of the sale, the director owned 37,778 shares in the company, valued at $917,249.84. This represents a 20.93% 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 valued at $65,591,314 in the last ninety days. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently bought and sold shares of the company. Atlantic Union Bankshares Corp acquired a new position in shares of D-Wave Quantum in the 2nd quarter valued at $29,000. EverSource Wealth Advisors LLC raised its stake in D-Wave Quantum by 267.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after buying an additional 838 shares during the period. Ancora Advisors LLC bought a new position in D-Wave Quantum during the third quarter worth about $30,000. Financial Consulate Inc. acquired a new position in D-Wave Quantum in the third quarter valued at about $31,000. Finally, Gables Capital Management Inc. bought a new stake in shares of D-Wave Quantum in the second quarter worth about $37,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.