D-Wave Quantum (NYSE:QBTS) Shares Up 1.6% – Still a Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) shot up 1.6% on Wednesday . The company traded as high as $16.73 and last traded at $16.1830. 15,945,819 shares traded hands during trading, a decline of 46% from the average session volume of 29,689,410 shares. The stock had previously closed at $15.93.

Analysts Set New Price Targets

Several equities research analysts have commented on QBTS shares. Roth Mkm decreased their target price on shares of D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Needham & Company LLC lowered their target price on shares of D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Evercore began coverage on shares of D-Wave Quantum in a report on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Monday, December 29th. Finally, Canaccord Genuity Group set a $43.00 price target on D-Wave Quantum in a report on Thursday, January 29th. Fourteen research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.50.

D-Wave Quantum Stock Down 5.3%

The company has a market cap of $5.13 billion, a PE ratio of -12.62 and a beta of 1.61. 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’s fifty day simple moving average is $20.08 and its 200-day simple moving average is $25.09.

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

Insider Buying and Selling

In other news, Director John D. Dilullo sold 8,000 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $18.01, for a total value of $144,080.00. Following the sale, the director directly owned 19,803 shares in the company, valued at $356,652.03. This represents a 28.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Alan E. Baratz sold 35,013 shares of D-Wave Quantum stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total value of $982,464.78. Following the sale, the chief executive officer owned 2,598,150 shares of the company’s stock, valued at approximately $72,904,089. This represents a 1.33% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 72,898 shares of company stock valued at $1,749,054. 3.20% of the stock is owned by insiders.

Institutional Trading of D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of D-Wave Quantum by 41.2% during the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after purchasing an additional 11,218,255 shares during the last quarter. UBS Group AG boosted its holdings in D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after acquiring an additional 10,205,427 shares during the last quarter. Geode Capital Management LLC boosted its holdings in D-Wave Quantum by 11.5% in the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock valued at $220,085,000 after acquiring an additional 866,405 shares during the last quarter. State Street Corp grew its position in D-Wave Quantum by 5.3% during the fourth quarter. State Street Corp now owns 7,707,085 shares of the company’s stock valued at $201,540,000 after acquiring an additional 385,809 shares during the period. Finally, Marex Group plc acquired a new stake in D-Wave Quantum during the second quarter worth about $80,070,000. 42.47% of the stock is 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.