D-Wave Quantum (NASDAQ:QBTS) Shares Up 1.2% – Still a Buy?

D-Wave Quantum Inc. (NASDAQ:QBTS) was up 1.2% during trading on Monday . The stock traded as high as $17.35 and last traded at $17.20. 11,529,087 shares traded hands during trading, a decline of 59% from the average session volume of 28,391,535 shares. The stock had previously closed at $16.99.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. B. Riley Financial lifted their target price on shares of D-Wave Quantum from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Cantor Fitzgerald restated an “overweight” rating and set a $40.00 price target on shares of D-Wave Quantum in a research note on Wednesday, May 13th. Zacks Research downgraded shares of D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Weiss Ratings lowered shares of D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 11th. Finally, Canaccord Genuity Group set a $35.00 target price on D-Wave Quantum in a research report on Thursday, August 6th. Thirteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $36.27.

D-Wave Quantum Stock Up 1.2%

The stock’s fifty day moving average price is $19.98 and its 200 day moving average price is $20.16. The stock has a market cap of $6.36 billion, a P/E ratio of -24.23 and a beta of 2.15. The company has a current ratio of 20.55, a quick ratio of 20.42 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NASDAQ:QBTS) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.The company had revenue of $3.08 million for the quarter, compared to the consensus estimate of $4.03 million. During the same period in the prior year, the firm posted ($0.08) earnings per share. The business’s revenue was down 0.6 on a year-over-year basis. As a group, research analysts forecast that D-Wave Quantum Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, CFO John M. Markovich sold 200,000 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $25.71, for a total transaction of $5,142,000.00. Following the completion of the sale, the chief financial officer owned 1,142,820 shares of the company’s stock, valued at $29,381,902.20. This represents a 14.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John D. Dilullo sold 7,850 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $24.43, for a total transaction of $191,775.50. Following the completion of the sale, the director directly owned 21,310 shares in the company, valued at approximately $520,603.30. This trade represents a 26.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,012,065 shares of company stock valued at $26,245,703 over the last quarter. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Baird Financial Group Inc. lifted its stake in D-Wave Quantum by 12.0% in the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after acquiring an additional 1,300 shares during the period. Royal Bank of Canada lifted its stake in shares of D-Wave Quantum by 59.8% in the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock valued at $1,231,000 after purchasing an additional 60,668 shares during the period. AQR Capital Management LLC boosted its position in shares of D-Wave Quantum by 201.0% during the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock valued at $1,526,000 after purchasing an additional 134,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in D-Wave Quantum by 93.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock worth $825,000 after purchasing an additional 52,437 shares during the period. Finally, NewEdge Advisors LLC increased its holdings in shares of D-Wave Quantum by 125.7% during the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock valued at $333,000 after acquiring an additional 24,382 shares in 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.