D-Wave Quantum (NASDAQ:QBTS) Trading 2.5% Higher – What’s Next?

D-Wave Quantum Inc. (NASDAQ:QBTS)’s stock price rose 2.5% during trading on Wednesday . The company traded as high as $21.00 and last traded at $20.74. Approximately 13,211,501 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 29,503,566 shares. The stock had previously closed at $20.23.

Wall Street Analysts Forecast Growth

QBTS has been the topic of a number of research analyst reports. Wedbush assumed coverage on D-Wave Quantum in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Mizuho lifted their price target on D-Wave Quantum from $29.00 to $35.00 and gave the stock an “outperform” rating in a research note on Monday, June 15th. Wall Street Zen upgraded D-Wave Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday. Benchmark started coverage on D-Wave Quantum in a research report on Monday, July 27th. They set a “buy” rating and a $30.00 price objective on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $40.00 price objective on shares of D-Wave Quantum in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $36.36.

D-Wave Quantum Stock Performance

The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. The company has a fifty day moving average price of $21.37 and a 200 day moving average price of $20.44. The stock has a market cap of $7.68 billion, a PE ratio of -29.23 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS) last issued its earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 28.19%. The company had revenue of $3.08 million for the quarter, compared to analysts’ expectations of $4.03 million. During the same quarter in the prior year, the company earned ($0.08) earnings per share. The company’s revenue was down 0.6 compared to the same quarter last year. Analysts expect that D-Wave Quantum Inc. will post -0.42 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO John M. Markovich sold 328,752 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $27.70, for a total transaction of $9,106,430.40. Following the completion of the sale, the chief financial officer directly owned 1,442,820 shares in the company, valued at $39,966,114. This represents a 18.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Rohit Ghai sold 13,518 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $26.41, for a total transaction of $357,010.38. Following the sale, the director directly owned 23,617 shares of the company’s stock, valued at $623,724.97. The trade was a 36.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,363,842 shares of company stock valued at $35,789,148 over the last quarter. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of QBTS. CoreCap Advisors LLC grew its holdings in D-Wave Quantum by 9.2% in the second quarter. CoreCap Advisors LLC now owns 6,115 shares of the company’s stock worth $147,000 after purchasing an additional 515 shares during the period. Sigma Planning Corp lifted its holdings in shares of D-Wave Quantum by 3.6% during the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock valued at $431,000 after purchasing an additional 560 shares during the last quarter. AlphaStar Capital Management LLC boosted its position in shares of D-Wave Quantum by 2.2% in the 4th quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company’s stock worth $708,000 after purchasing an additional 592 shares in the last quarter. Thoroughbred Financial Services LLC grew its stake in shares of D-Wave Quantum by 0.5% in the 4th quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company’s stock worth $3,447,000 after buying an additional 602 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of D-Wave Quantum by 0.7% in the 4th quarter. Arizona State Retirement System now owns 92,037 shares of the company’s stock worth $2,407,000 after buying an additional 613 shares during the last quarter. 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.