D-Wave Quantum (NASDAQ:QBTS) Trading 3.6% Higher – Time to Buy?

Shares of D-Wave Quantum Inc. (NASDAQ:QBTS) shot up 3.6% during trading on Tuesday . The stock traded as high as $19.53 and last traded at $19.35. Approximately 14,882,784 shares traded hands during trading, a decline of 48% from the average daily volume of 28,636,434 shares. The stock had previously closed at $18.68.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on QBTS shares. Wall Street Zen raised shares of D-Wave Quantum from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Canaccord Genuity Group set a $35.00 price target on shares of D-Wave Quantum in a research note on Thursday, August 6th. Rosenblatt Securities restated a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a research report on Friday, August 7th. Mizuho raised their price objective 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Thirteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.27.

D-Wave Quantum Stock Performance

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 stock has a market cap of $7.16 billion, a PE ratio of -27.25 and a beta of 2.15. The business has a 50 day moving average price of $20.47 and a two-hundred day moving average price of $20.21.

D-Wave Quantum (NASDAQ:QBTS) last issued its earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $3.08 million during the quarter, compared to analysts’ expectations of $4.03 million. During the same period in the previous year, the firm earned ($0.08) earnings per share. The firm’s quarterly revenue was down 0.6 compared to the same quarter last year. As a group, equities research analysts forecast that D-Wave Quantum Inc. will post -0.46 EPS for the current fiscal year.

Insider Transactions at D-Wave Quantum

In other news, VP Sophie C. Ames sold 3,070 shares of the stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $16.95, for a total transaction of $52,036.50. Following the completion of the sale, the vice president directly owned 589,009 shares in the company, valued at approximately $9,983,702.55. This represents a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rohit Ghai sold 13,518 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $26.41, for a total value of $357,010.38. Following the completion of the sale, the director directly owned 23,617 shares in the company, valued at $623,724.97. The trade was a 36.40% 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. In the last three months, insiders have sold 1,012,065 shares of company stock valued at $26,245,703. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of D-Wave Quantum in the 2nd quarter worth approximately $795,206,000. UBS Group AG raised its holdings in shares of D-Wave Quantum by 541.6% during 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 in the last quarter. California State Teachers Retirement System lifted its stake in D-Wave Quantum by 2,336.6% in the second quarter. California State Teachers Retirement System now owns 9,922,576 shares of the company’s stock worth $238,043,000 after acquiring an additional 9,515,341 shares during the period. Geode Capital Management LLC lifted its stake 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 worth $220,085,000 after acquiring an additional 866,405 shares during the period. Finally, State Street Corp boosted its holdings in D-Wave Quantum by 5.3% in 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 in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.