D-Wave Quantum (NYSE:QBTS) Trading 4.1% Higher After Earnings Beat

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was up 4.1% on Friday following a better than expected earnings announcement. The company traded as high as $29.72 and last traded at $29.5560. Approximately 50,268,084 shares changed hands during trading, a decline of 22% from the average daily volume of 64,383,203 shares. The stock had previously closed at $28.39.

The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The firm had revenue of $3.74 million during the quarter, compared to analyst estimates of $3.03 million. D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.D-Wave Quantum’s revenue was up 105.6% compared to the same quarter last year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on QBTS shares. Cantor Fitzgerald upped their price target on D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday. Piper Sandler raised their price target on shares of D-Wave Quantum from $13.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, August 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of D-Wave Quantum in a research note on Tuesday, October 14th. Wall Street Zen downgraded D-Wave Quantum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Finally, Canaccord Genuity Group started coverage on shares of D-Wave Quantum in a research report on Wednesday, July 23rd. They issued a “buy” rating and a $20.00 price objective on the stock. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Moderate Buy” and an average target price of $24.42.

Insider Transactions at D-Wave Quantum

In other news, 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 completion of the sale, the director directly owned 36,295 shares in the company, valued at approximately $650,769.35. The trade was a 18.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 31,369 shares of the company’s stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $43.74, for a total transaction of $1,372,080.06. Following the sale, the chief executive officer owned 2,801,265 shares of the company’s stock, valued at approximately $122,527,331.10. The trade was a 1.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 207,363 shares of company stock valued at $4,659,478 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Reyes Financial Architecture Inc. purchased 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 shares of D-Wave Quantum in the 2nd quarter worth approximately $29,000. Financial Consulate Inc. purchased a new stake in D-Wave Quantum in the third quarter worth $31,000. Parallel Advisors LLC lifted its position in 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. Finally, Gables Capital Management Inc. bought a new stake in shares of D-Wave Quantum during the 2nd quarter valued at $37,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 4.1%

The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99. The stock’s 50-day moving average price is $27.82 and its two-hundred day moving average price is $19.40. The stock has a market capitalization of $10.11 billion, a PE ratio of -28.15 and a beta of 1.53.

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.