D-Wave Quantum (NYSE:QBTS) Trading Up 6.7% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) shares were up 6.7% on Monday . The company traded as high as $24.78 and last traded at $24.0810. Approximately 35,090,647 shares changed hands during mid-day trading, an increase of 19% from the average daily volume of 29,552,916 shares. The stock had previously closed at $22.57.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on QBTS shares. Mizuho dropped their price target on shares of D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Benchmark reiterated a “buy” rating and issued a $35.00 price target on shares of D-Wave Quantum in a research report on Friday, January 23rd. Canaccord Genuity Group set a $43.00 price target on shares of D-Wave Quantum in a research report on Thursday, January 29th. Finally, Northland Securities assumed coverage on shares of D-Wave Quantum in a report on Monday, April 20th. They issued a “market perform” rating and a $22.00 target price on the stock. Fourteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.53.

D-Wave Quantum Price Performance

The firm’s fifty day moving average price is $17.69 and its 200 day moving average price is $22.98. The company has a quick ratio of 42.25, a current ratio of 42.38 and a debt-to-equity ratio of 0.04. The stock has a market cap of $8.91 billion, a PE ratio of -21.89 and a beta of 1.95.

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). The company had revenue of $2.75 million during the quarter, compared to analysts’ expectations 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%.D-Wave Quantum’s revenue was up 21.7% compared to the same quarter last year. As a group, equities analysts expect that D-Wave Quantum Inc. will post -0.44 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In related news, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $17.62, for a total transaction of $176,200.00. Following the sale, the director owned 27,778 shares of the company’s stock, valued at $489,448.36. This represents a 26.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO John M. Markovich sold 10,706 shares of the company’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $17.63, for a total transaction of $188,746.78. Following the sale, the chief financial officer directly owned 1,451,427 shares in the company, valued at approximately $25,588,658.01. The trade was a 0.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 31,776 shares of company stock worth $574,571 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently bought and sold shares of QBTS. Root Financial Partners LLC raised its stake in D-Wave Quantum by 388.0% during the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after purchasing an additional 776 shares in the last quarter. Parallel Advisors LLC raised its stake in D-Wave Quantum by 545.5% during the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock valued at $26,000 after purchasing an additional 1,511 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in D-Wave Quantum during the fourth quarter valued at $28,000. PeakShares LLC purchased a new stake in D-Wave Quantum during the first quarter valued at $29,000. Finally, EverSource Wealth Advisors LLC increased its position in D-Wave Quantum by 267.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after acquiring an additional 838 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

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.