D-Wave Quantum (NYSE:QBTS) Trading 14.2% Higher – Still a Buy?

by · The Markets Daily

Shares of D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report) were up 14.2% during mid-day trading on Thursday . The company traded as high as $28.90 and last traded at $28.63. Approximately 51,649,642 shares changed hands during mid-day trading, a decline of 17% from the average daily volume of 61,992,934 shares. The stock had previously closed at $25.08.

Analyst Upgrades and Downgrades

QBTS has been the topic of several research analyst reports. Piper Sandler boosted their price objective on D-Wave Quantum from $13.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Rosenblatt Securities lifted their price objective on shares of D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Evercore ISI began coverage on shares of D-Wave Quantum in a report on Wednesday. They issued an “outperform” rating and a $44.00 target price on the stock. Canaccord Genuity Group raised their target price on shares of D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Finally, B. Riley boosted their price target on shares of D-Wave Quantum from $22.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Twelve equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.85.

Get Our Latest Research Report on QBTS

D-Wave Quantum Stock Performance

The business’s fifty day moving average is $29.55 and its two-hundred day moving average is $21.52. The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $10.02 billion, a PE ratio of -21.21 and a beta of 1.57.

D-Wave Quantum (NYSE:QBTS – Get Free Report) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The company had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. The business’s revenue was up 105.6% on a year-over-year basis. As a group, research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 168,102 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $23.17, for a total value of $3,894,923.34. Following the completion of the transaction, the chief executive officer owned 2,633,163 shares in the company, valued at approximately $61,010,386.71. The trade was a 6.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John D. Dilullo sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $143,440.00. Following the transaction, the director directly owned 36,295 shares in the company, valued at approximately $650,769.35. This represents a 18.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,379,813 shares of company stock valued at $36,891,986 over the last quarter. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Reyes Financial Architecture Inc. bought a new stake in shares of D-Wave Quantum in the 2nd quarter worth about $29,000. Atlantic Union Bankshares Corp bought a new position in D-Wave Quantum during the 2nd quarter valued at about $29,000. Ancora Advisors LLC purchased a new stake in D-Wave Quantum in the 3rd quarter worth about $30,000. Financial Consulate Inc. bought a new stake in D-Wave Quantum in the third quarter worth about $31,000. Finally, Parallel Advisors LLC boosted its position in shares of D-Wave Quantum by 227.3% during the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock valued at $32,000 after buying an additional 1,532 shares during the period. Institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

(Get Free Report)

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.

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