D-Wave Quantum (NYSE:QBTS) Trading 2.2% Higher – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were up 2.2% during mid-day trading on Tuesday . The company traded as high as $26.71 and last traded at $25.02. Approximately 48,718,746 shares were traded during mid-day trading, an increase of 50% from the average session volume of 32,431,447 shares. The stock had previously closed at $24.47.

Wall Street Analysts Forecast Growth

QBTS has been the topic of a number of recent research reports. B. Riley Financial upped their target price on shares of D-Wave Quantum from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $40.00 price target on shares of D-Wave Quantum in a report on Wednesday, May 13th. Roth Mkm increased their price objective on shares of D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Finally, Canaccord Genuity Group decreased their price objective on shares of D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, May 13th. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $36.80.

D-Wave Quantum Stock Performance

The firm has a 50 day moving average of $23.33 and a two-hundred day moving average of $22.32. The stock has a market cap of $8.19 billion, a PE ratio of -19.68 and a beta of 2.05. The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The firm had revenue of $2.86 million during the quarter, compared to the consensus estimate of $4.19 million. During the same period in the prior year, the company posted ($0.02) earnings per share. The firm’s quarterly revenue was down 80.9% compared to the same quarter last year. Research analysts predict that D-Wave Quantum Inc. will post -0.43 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Sophie C. Ames sold 23,025 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $18.98, for a total value of $437,014.50. Following the transaction, the vice president directly owned 596,803 shares of the company’s stock, valued at $11,327,320.94. This trade represents a 3.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan E. Baratz sold 687,627 shares of D-Wave Quantum stock in a transaction on Monday, June 8th. The stock was sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the sale, the chief executive officer owned 3,299,771 shares in the company, valued at $86,223,016.23. This represents a 17.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 1,363,842 shares of company stock worth $35,802,656. 1.30% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently made changes to their positions in the company. UBS Group AG boosted its position in shares of 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 purchasing an additional 10,205,427 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in D-Wave Quantum by 136,842.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company’s stock worth $83,546,000 after buying an additional 3,192,533 shares during the period. Clear Street Group Inc. purchased a new stake in D-Wave Quantum in the third quarter valued at approximately $75,344,000. Goldman Sachs Group Inc. lifted its stake in D-Wave Quantum by 311.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,548,013 shares of the company’s stock valued at $92,781,000 after buying an additional 2,685,980 shares during the last quarter. Finally, Marex Group plc boosted its holdings in shares of D-Wave Quantum by 74.9% in the fourth quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock valued at $120,098,000 after acquiring an additional 1,966,500 shares during the period. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.