D-Wave Quantum (NYSE:QBTS) Trading 1.7% Higher – Time to Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) shot up 1.7% during mid-day trading on Thursday . The stock traded as high as $19.49 and last traded at $19.3850. 19,596,329 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 34,351,227 shares. The stock had previously closed at $19.07.

Analyst Ratings Changes

Several research analysts have weighed in on QBTS shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Monday, December 29th. Wall Street Zen cut shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Williams Trading set a $35.00 price objective on shares of D-Wave Quantum in a research report on Monday, November 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $48.00 target price on shares of D-Wave Quantum in a report on Thursday, January 29th. Finally, Mizuho began coverage on shares of D-Wave Quantum in a research note on Thursday, December 11th. They set an “outperform” rating and a $46.00 price target on the stock. Fourteen 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $38.21.

D-Wave Quantum Stock Performance

The stock’s 50 day moving average price is $25.16 and its two-hundred day moving average price is $24.87. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $7.17 billion, a price-to-earnings ratio of -14.36 and a beta of 1.56.

Insider Buying and Selling

In related news, CFO John M. Markovich sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $30.03, for a total value of $3,003,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,471,312 shares of the company’s stock, valued at $44,183,499.36. This trade represents a 6.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Alan E. Baratz sold 793,712 shares of D-Wave Quantum stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $30.13, for a total value of $23,914,542.56. Following the transaction, the chief executive officer directly owned 2,633,163 shares of the company’s stock, valued at approximately $79,337,201.19. This represents a 23.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,074,466 shares of company stock valued at $31,558,806 in the last 90 days. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. raised its holdings in shares of D-Wave Quantum by 125.7% in the 2nd quarter. Osaic Holdings Inc. now owns 247,004 shares of the company’s stock worth $3,616,000 after purchasing an additional 137,549 shares during the period. UNICOM Systems Inc. grew its holdings in shares of D-Wave Quantum by 12.1% during the 3rd quarter. UNICOM Systems Inc. now owns 3,121,346 shares of the company’s stock worth $77,128,000 after purchasing an additional 337,838 shares during the period. Csenge Advisory Group increased its position in D-Wave Quantum by 99.1% during the 3rd quarter. Csenge Advisory Group now owns 35,886 shares of the company’s stock worth $887,000 after purchasing an additional 17,860 shares in the last quarter. World Investment Advisors purchased a new position in D-Wave Quantum in the second quarter valued at approximately $190,000. Finally, Mutual Advisors LLC purchased a new position in D-Wave Quantum in the third quarter valued at approximately $1,069,000. 42.47% of the stock is currently 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.