D-Wave Quantum (NYSE:QBTS) Trading 1.6% Higher – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares rose 1.6% during trading on Wednesday . The company traded as high as $16.73 and last traded at $16.1830. Approximately 15,945,819 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 29,689,410 shares. The stock had previously closed at $15.93.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on QBTS shares. Canaccord Genuity Group set a $43.00 price target on D-Wave Quantum in a research note on Thursday, January 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a research report on Monday, December 29th. Roth Mkm dropped their target price on shares of D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Evercore assumed coverage on shares of D-Wave Quantum in a research report on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 target price on the stock. Finally, Wedbush initiated coverage on shares of D-Wave Quantum in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price target for the company. Fourteen equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $36.50.

D-Wave Quantum Price Performance

The company has a current ratio of 42.38, a quick ratio of 42.25 and a debt-to-equity ratio of 0.04. The company has a market cap of $5.99 billion, a PE ratio of -14.71 and a beta of 1.61. The firm has a 50 day moving average of $20.64 and a two-hundred day moving average of $25.23.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, February 26th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.04). D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The company had revenue of $2.75 million during the quarter, compared to the consensus estimate of $3.74 million. D-Wave Quantum’s revenue for the quarter was up 21.7% compared to the same quarter last year. Research analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $17.62, for a total value of $176,200.00. Following the transaction, the director owned 27,778 shares in the company, valued at $489,448.36. The trade was a 26.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $18.01, for a total transaction of $144,080.00. Following the sale, the director directly owned 19,803 shares in the company, valued at $356,652.03. This trade represents a 28.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 72,898 shares of company stock worth $1,749,054. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently added to or reduced their stakes in the company. Root Financial Partners LLC lifted its position in D-Wave Quantum by 388.0% in the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after acquiring an additional 776 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of D-Wave Quantum in the 4th quarter worth $28,000. EverSource Wealth Advisors LLC raised its stake in shares of D-Wave Quantum by 267.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after purchasing an additional 838 shares during the last quarter. Ancora Advisors LLC purchased a new position in shares of D-Wave Quantum in the third quarter worth $30,000. Finally, Financial Consulate Inc. bought a new position in shares of D-Wave Quantum during the third quarter valued at $31,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.