D-Wave Quantum (NASDAQ:QBTS) Trading Up 1.3% – What’s Next?

D-Wave Quantum Inc. (NASDAQ:QBTS) shares shot up 1.3% during trading on Friday . The company traded as high as $21.46 and last traded at $21.17. 10,988,229 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 29,279,768 shares. The stock had previously closed at $20.90.

Analyst Ratings Changes

QBTS has been the topic of a number of recent research reports. Wall Street Zen raised D-Wave Quantum from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Stifel Nicolaus set a $35.00 price target on D-Wave Quantum in a research report on Tuesday, June 2nd. Rosenblatt Securities reiterated a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a research note on Friday, August 7th. B. Riley Financial increased their price objective 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. Finally, Benchmark began coverage on shares of D-Wave Quantum in a research note on Monday, July 27th. They set a “buy” rating and a $30.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $36.36.

D-Wave Quantum Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31. The business’s 50 day moving average price is $21.09 and its 200 day moving average price is $20.36. The stock has a market capitalization of $7.83 billion, a P/E ratio of -29.82 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 28.19%. The company had revenue of $3.08 million for the quarter, compared to the consensus estimate of $4.03 million. During the same quarter last year, the company earned ($0.08) EPS. The firm’s revenue for the quarter was down 0.6 on a year-over-year basis. Sell-side analysts forecast that D-Wave Quantum Inc. will post -0.42 EPS for the current year.

Insider Buying and Selling at D-Wave Quantum

In other news, Director John D. Dilullo sold 7,850 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $24.43, for a total transaction of $191,775.50. Following the transaction, the director directly owned 21,310 shares of the company’s stock, valued at $520,603.30. This represents a 26.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rohit Ghai sold 13,518 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $26.41, for a total value of $357,010.38. Following the transaction, the director directly owned 23,617 shares in the company, valued at $623,724.97. The trade was a 36.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,363,842 shares of company stock worth $35,789,148. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Fiduciary Financial Advisors purchased a new position in D-Wave Quantum in the second quarter worth about $25,000. Root Financial Partners LLC increased its position in shares of D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after purchasing an additional 776 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of D-Wave Quantum by 545.5% in the 1st quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock worth $26,000 after purchasing an additional 1,511 shares during the period. Kemnay Advisory Services Inc. purchased a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $28,000. Finally, PeakShares LLC bought a new stake in D-Wave Quantum during the first quarter valued at approximately $29,000. Institutional investors 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.