D-Wave Quantum (NYSE:QBTS) Stock Price Up 1.7% – Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was up 1.7% during mid-day trading on Monday . The company traded as high as $15.75 and last traded at $15.63. Approximately 8,663,199 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 64,869,691 shares. The stock had previously closed at $15.37.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of D-Wave Quantum in a research report on Wednesday, July 2nd. They issued an “overweight” rating and a $20.00 price objective for the company. B. Riley increased their target price on shares of D-Wave Quantum from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, July 23rd. Stifel Nicolaus started coverage on shares of D-Wave Quantum in a research report on Tuesday, August 5th. They set a “buy” rating and a $26.00 price target on the stock. Williams Trading set a $20.00 target price on D-Wave Quantum in a report on Wednesday, June 18th. Finally, Needham & Company LLC reiterated a “buy” rating on shares of D-Wave Quantum in a report on Monday, August 4th. Eleven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, D-Wave Quantum presently has an average rating of “Buy” and a consensus target price of $19.27.

D-Wave Quantum Stock Up 0.3%

The stock’s 50 day simple moving average is $16.72 and its two-hundred day simple moving average is $12.58. The firm has a market cap of $5.27 billion, a P/E ratio of -14.72 and a beta of 1.39. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). The firm had revenue of $3.10 million for the quarter, compared to analysts’ expectations of $2.55 million. D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. D-Wave Quantum’s revenue for the quarter was up 40.9% compared to the same quarter last year. As a group, research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other news, Director Rohit Ghai sold 43,517 shares of the company’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.80, for a total transaction of $731,085.60. Following the transaction, the director owned 57,778 shares of the company’s stock, valued at $970,670.40. This represents a 42.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John D. Dilullo sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $16.40, for a total value of $246,000.00. Following the transaction, the director directly owned 44,295 shares in the company, valued at $726,438. The trade was a 25.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 378,787 shares of company stock valued at $6,389,513. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. bLong Financial LLC lifted its position in D-Wave Quantum by 2.3% during the second quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock valued at $361,000 after purchasing an additional 551 shares during the period. Capital Advisory Group Advisory Services LLC increased its position in D-Wave Quantum by 3.0% during the second quarter. Capital Advisory Group Advisory Services LLC now owns 22,167 shares of the company’s stock worth $325,000 after purchasing an additional 646 shares during the last quarter. Center for Financial Planning Inc. raised its holdings in D-Wave Quantum by 23.6% in the second quarter. Center for Financial Planning Inc. now owns 3,645 shares of the company’s stock valued at $53,000 after acquiring an additional 695 shares in the last quarter. Citizens Financial Group Inc. RI grew its position in D-Wave Quantum by 1.4% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 79,327 shares of the company’s stock valued at $1,161,000 after buying an additional 1,081 shares in the last quarter. Finally, Baird Financial Group Inc. lifted its position in shares of 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 purchasing an additional 1,300 shares in the last quarter. Institutional investors own 42.47% of the company’s stock.

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.