D-Wave Quantum (NYSE:QBTS) Trading 10.5% Higher – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) rose 10.5% on Monday . The company traded as high as $20.14 and last traded at $19.98. Approximately 24,485,735 shares were traded during trading, a decline of 19% from the average session volume of 30,116,486 shares. The stock had previously closed at $18.08.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on QBTS. Rosenblatt Securities reissued a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a research report on Tuesday, July 28th. Needham & Company LLC restated a “buy” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Stifel Nicolaus set a $35.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Weiss Ratings upgraded shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, June 23rd. Finally, B. Riley Financial raised their target price on shares of D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.80.

D-Wave Quantum Price Performance

The firm has a 50-day simple moving average of $22.25 and a 200-day simple moving average of $20.71. The firm has a market cap of $7.90 billion, a P/E ratio of -18.89 and a beta of 2.11. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate 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 analyst estimates of $4.19 million. During the same period in the previous year, the company posted ($0.02) EPS. The business’s revenue for the quarter was down 80.9% compared to the same quarter last year. As a group, analysts forecast that D-Wave Quantum Inc. will post -0.42 EPS for the current year.

Insiders Place Their Bets

In other news, Director Rohit Ghai sold 13,518 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $26.41, for a total value of $357,010.38. Following the sale, the director directly owned 23,617 shares in the company, valued at approximately $623,724.97. This trade represents a 36.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 328,752 shares of D-Wave Quantum stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $27.70, for a total transaction of $9,106,430.40. Following the completion of the transaction, the chief financial officer directly owned 1,442,820 shares in the company, valued at approximately $39,966,114. The trade was a 18.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,363,842 shares of company stock valued at $35,789,148 in the last three months. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently bought and sold shares of QBTS. Root Financial Partners LLC grew its stake in D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after buying an additional 776 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of D-Wave Quantum by 545.5% during the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock worth $26,000 after acquiring an additional 1,511 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at about $28,000. PeakShares LLC acquired a new position in shares of D-Wave Quantum during the first quarter valued at about $29,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of D-Wave Quantum by 267.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after purchasing an additional 838 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.