D-Wave Quantum (NYSE:QBTS) Trading Up 11.5% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was up 11.5% during mid-day trading on Wednesday . The company traded as high as $25.29 and last traded at $25.0920. Approximately 39,641,502 shares were traded during trading, a decline of 36% from the average daily volume of 62,035,285 shares. The stock had previously closed at $22.50.

Analyst Ratings Changes

Several equities research analysts have recently commented on QBTS shares. B. Riley lifted their price objective 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. Piper Sandler raised their target price on D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, August 8th. Benchmark boosted their price target on D-Wave Quantum from $20.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Rosenblatt Securities increased their price objective on D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a report on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of D-Wave Quantum in a report on Tuesday. Twelve equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, D-Wave Quantum currently has an average rating of “Moderate Buy” and an average price target of $29.85.

D-Wave Quantum Stock Down 6.1%

The stock has a market cap of $9.44 billion, a PE ratio of -19.98 and a beta of 1.57. The business has a 50 day moving average price of $29.60 and a 200 day moving average price of $21.67. The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05.

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

Insider Activity at D-Wave Quantum

In other news, Director Kirstjen Nielsen sold 7,000 shares of the stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $22.62, for a total transaction of $158,340.00. Following the sale, the director directly owned 112,673 shares of the company’s stock, valued at $2,548,663.26. This represents a 5.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $179,300.00. Following the sale, the director owned 47,778 shares in the company, valued at $856,659.54. This trade represents a 17.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,486,813 shares of company stock valued at $39,555,326 in the last quarter. 3.20% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its position in D-Wave Quantum by 34.6% during the third quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock worth $46,000 after acquiring an additional 482 shares during the last quarter. Blue Bell Private Wealth Management LLC raised its holdings in D-Wave Quantum by 5.3% in the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 9,901 shares of the company’s stock valued at $245,000 after acquiring an additional 500 shares during the last quarter. Huntington National Bank lifted its stake in D-Wave Quantum by 17.9% in the 3rd quarter. Huntington National Bank now owns 3,300 shares of the company’s stock worth $82,000 after purchasing an additional 500 shares in the last quarter. bLong Financial LLC boosted its holdings in shares of D-Wave Quantum by 2.3% during the 2nd quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock worth $361,000 after purchasing an additional 551 shares during the last quarter. Finally, Comerica Bank grew its position in shares of D-Wave Quantum by 1.8% in the third quarter. Comerica Bank now owns 36,443 shares of the company’s stock valued at $901,000 after purchasing an additional 643 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

About D-Wave Quantum

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.