D-Wave Quantum (NYSE:QBTS) Shares Up 15.8% – Still a Buy?
by Renee Jackson · The Cerbat GemD-Wave Quantum Inc. (NYSE:QBTS – Get Free Report)’s share price was up 15.8% during mid-day trading on Tuesday . The company traded as high as $17.08 and last traded at $16.97. Approximately 42,687,528 shares changed hands during mid-day trading, an increase of 52% from the average daily volume of 28,009,891 shares. The stock had previously closed at $14.65.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on QBTS shares. Rosenblatt Securities reissued a “buy” rating and issued a $43.00 target price on shares of D-Wave Quantum in a research report on Wednesday, January 28th. Benchmark reissued a “buy” rating and issued a $35.00 target price on shares of D-Wave Quantum in a research report on Friday, January 23rd. Mizuho dropped their target price on D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating on the stock in a research report on Friday, February 27th. Wedbush started coverage on D-Wave Quantum in a research report on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 target price on the stock. Finally, Jefferies Financial Group started coverage on D-Wave Quantum in a research report on Tuesday, December 16th. They issued a “buy” rating and a $45.00 target price on the stock. Fourteen equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $36.50.
Get Our Latest Stock Report on QBTS
D-Wave Quantum Price Performance
The stock has a market cap of $6.28 billion, a price-to-earnings ratio of -15.43 and a beta of 1.78. The company has a 50-day simple moving average of $17.40 and a two-hundred day simple moving average of $24.52. The company has a debt-to-equity ratio of 0.04, a quick ratio of 42.25 and a current ratio of 42.38.
D-Wave Quantum (NYSE:QBTS – Get Free Report) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.04). The company had revenue of $2.75 million for the quarter, compared to analyst estimates of $3.74 million. D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The firm’s revenue for the quarter was up 21.7% on a year-over-year basis. As a group, equities research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.
Insider Buying and Selling
In other D-Wave Quantum news, CEO Alan E. Baratz sold 35,013 shares of the business’s stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total transaction of $982,464.78. Following the transaction, the chief executive officer owned 2,598,150 shares of the company’s stock, valued at $72,904,089. The trade was a 1.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $17.62, for a total value of $176,200.00. Following the transaction, the director directly owned 27,778 shares in the company, valued at $489,448.36. This trade represents a 26.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 72,898 shares of company stock worth $1,749,054 over the last 90 days. Company insiders own 3.20% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. Hsbc Holdings PLC boosted its stake in shares of D-Wave Quantum by 78.0% during the 4th quarter. Hsbc Holdings PLC now owns 17,182 shares of the company’s stock worth $452,000 after acquiring an additional 7,530 shares during the period. World Investment Advisors boosted its stake in shares of D-Wave Quantum by 195.7% during the 4th quarter. World Investment Advisors now owns 41,691 shares of the company’s stock worth $1,090,000 after acquiring an additional 27,592 shares during the period. Corient Private Wealth LLC boosted its stake in shares of D-Wave Quantum by 25.8% during the 4th quarter. Corient Private Wealth LLC now owns 30,797 shares of the company’s stock worth $805,000 after acquiring an additional 6,319 shares during the period. Tulsa Wealth Advisors INC bought a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $248,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of D-Wave Quantum by 16.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 111,923 shares of the company’s stock worth $2,927,000 after acquiring an additional 15,675 shares during the period. Institutional investors and hedge funds 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.