D-Wave Quantum (NYSE:QBTS) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of D-Wave Quantum (NYSE:QBTS) from a strong sell rating to a hold rating in a research note issued to investors on Thursday morning,Zacks.com reports.

QBTS has been the subject of a number of other research reports. Piper Sandler increased their price objective on D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. Canaccord Genuity Group upped their target price on shares of D-Wave Quantum from $20.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday. B. Riley lifted their price target on shares of D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of D-Wave Quantum in a research note on Tuesday, October 14th. Finally, Benchmark restated a “buy” rating and issued a $20.00 price objective on shares of D-Wave Quantum in a report on Monday, August 4th. Eleven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, D-Wave Quantum has a consensus rating of “Moderate Buy” and a consensus target price of $26.17.

D-Wave Quantum Price Performance

D-Wave Quantum stock traded up $1.17 during mid-day trading on Thursday, hitting $29.56. 50,445,076 shares of the company traded hands, compared to its average volume of 58,118,144. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99. D-Wave Quantum has a one year low of $1.39 and a one year high of $46.75. The stock has a market cap of $10.11 billion, a price-to-earnings ratio of -21.89 and a beta of 1.53. The stock has a fifty day moving average price of $28.10 and a 200-day moving average price of $19.56.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.02. D-Wave Quantum had a negative return on equity of 124.07% and a negative net margin of 1,651.81%.The firm had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. The company’s quarterly revenue was up 105.6% on a year-over-year basis. On average, equities analysts predict that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $179,300.00. Following the sale, the director owned 47,778 shares in the company, valued at $856,659.54. This represents a 17.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO John M. Markovich sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $18.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the chief financial officer owned 1,558,753 shares of the company’s stock, valued at approximately $28,057,554. The trade was a 6.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 207,363 shares of company stock worth $4,659,478. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of QBTS. IFP Advisors Inc increased its position in D-Wave Quantum by 123.8% in the second quarter. IFP Advisors Inc now owns 14,814 shares of the company’s stock worth $217,000 after buying an additional 8,194 shares in the last quarter. World Investment Advisors purchased a new position in shares of D-Wave Quantum during the second quarter valued at about $190,000. Farther Finance Advisors LLC raised its holdings in shares of D-Wave Quantum by 491.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 16,321 shares of the company’s stock worth $239,000 after acquiring an additional 13,561 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in D-Wave Quantum during the second quarter valued at $217,000. Finally, Bouvel Investment Partners LLC bought a new stake in D-Wave Quantum during the second quarter worth approximately $2,145,000. 42.47% of the stock is owned by institutional investors.

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.