D-Wave Quantum (NYSE:QBTS) Shares Up 3.8% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price shot up 3.8% during trading on Wednesday . The company traded as high as $21.80 and last traded at $21.13. 33,756,651 shares changed hands during trading, an increase of 11% from the average session volume of 30,328,271 shares. The stock had previously closed at $20.36.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on QBTS. Roth Mkm reduced their price objective on shares of D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating for the company in a report on Friday, February 27th. Rosenblatt Securities reaffirmed a “buy” rating and set a $43.00 price objective on shares of D-Wave Quantum in a report on Wednesday, January 28th. Mizuho cut 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 report on Friday, February 27th. Canaccord Genuity Group set a $43.00 price target on shares of D-Wave Quantum in a report on Thursday, January 29th. Finally, Needham & Company LLC cut their price target on shares of D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Fourteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.53.

D-Wave Quantum Stock Down 4.1%

The stock has a market capitalization of $6.85 billion, a P/E ratio of -16.83 and a beta of 1.78. The firm’s fifty day moving average is $17.48 and its 200-day moving average is $24.18. The company has a current ratio of 42.38, a quick ratio of 42.25 and a debt-to-equity ratio of 0.04.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.04). D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The firm had revenue of $2.75 million for the quarter, compared to the consensus estimate of $3.74 million. D-Wave Quantum’s quarterly revenue was up 21.7% on a year-over-year basis. As a group, equities research analysts predict that D-Wave Quantum Inc. will post -0.44 earnings per share for the current year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the firm’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 completion of the sale, the director owned 27,778 shares in the company, valued at approximately $489,448.36. This trade represents a 26.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Sophie C. Ames sold 3,070 shares of the firm’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $21.35, for a total transaction of $65,544.50. Following the completion of the sale, the vice president owned 643,678 shares of the company’s stock, valued at $13,742,525.30. The trade was a 0.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 31,776 shares of company stock worth $574,571. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. increased its position in D-Wave Quantum by 41.2% in the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after acquiring an additional 11,218,255 shares in the last quarter. UBS Group AG increased its position in D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after acquiring an additional 10,205,427 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in D-Wave Quantum by 136,842.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company’s stock valued at $83,546,000 after acquiring an additional 3,192,533 shares in the last quarter. Clear Street Group Inc. acquired a new stake in D-Wave Quantum in the 3rd quarter valued at about $75,344,000. Finally, Goldman Sachs Group Inc. grew its position in shares of D-Wave Quantum by 311.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,548,013 shares of the company’s stock worth $92,781,000 after buying an additional 2,685,980 shares during the period. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.