D-Wave Quantum (NYSE:QBTS) Trading Up 5.1% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares shot up 5.1% during trading on Thursday . The stock traded as high as $27.59 and last traded at $27.38. 38,531,580 shares changed hands during trading, a decline of 6% from the average session volume of 41,100,738 shares. The stock had previously closed at $26.04.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on QBTS shares. Mizuho assumed coverage on D-Wave Quantum in a research report on Thursday, December 11th. They set an “outperform” rating and a $46.00 target price on the stock. Zacks Research upgraded D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Williams Trading set a $35.00 price objective on shares of D-Wave Quantum in a report on Monday, November 10th. Canaccord Genuity Group lifted 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 note on Friday, November 7th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $40.00 target price on shares of D-Wave Quantum in a research report on Wednesday, January 7th. Thirteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, D-Wave Quantum presently has an average rating of “Moderate Buy” and an average target price of $37.86.

D-Wave Quantum Trading Up 5.1%

The stock has a 50-day moving average of $26.17 and a 200 day moving average of $24.32. The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05. The stock has a market cap of $9.59 billion, a PE ratio of -20.28 and a beta of 1.57.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The company had revenue of $3.74 million during the quarter, compared to analyst estimates of $3.03 million. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The firm’s quarterly revenue was up 105.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 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 company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $24.28, for a total value of $242,800.00. Following the sale, the director directly owned 37,778 shares of the company’s stock, valued at approximately $917,249.84. This represents a 20.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alan E. Baratz sold 806,288 shares of D-Wave Quantum stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $28.87, for a total value of $23,277,534.56. Following the transaction, the chief executive officer owned 2,801,265 shares of the company’s stock, valued at $80,872,520.55. The trade was a 22.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 2,346,916 shares of company stock worth $65,591,314 over the last three months. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA purchased a new stake in D-Wave Quantum in the 4th quarter worth approximately $1,114,000. Ridgecrest Wealth Partners LLC increased its holdings in shares of D-Wave Quantum by 43.0% during the 4th quarter. Ridgecrest Wealth Partners LLC now owns 16,005 shares of the company’s stock valued at $419,000 after purchasing an additional 4,814 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at $119,000. Westfuller Advisors LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at $119,000. Finally, Stone House Investment Management LLC boosted its holdings in D-Wave Quantum by 238.0% during the fourth quarter. Stone House Investment Management LLC now owns 2,028 shares of the company’s stock worth $53,000 after buying an additional 1,428 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

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.