D-Wave Quantum (NYSE:QBTS) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

D-Wave Quantum (NYSE:QBTS) announced its quarterly earnings data on Thursday. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02, Briefing.com reports. D-Wave Quantum had a negative return on equity of 124.07% and a negative net margin of 1,651.81%.The company had revenue of $3.74 million for the quarter, compared to analyst estimates of $3.03 million. The business’s revenue was up 105.6% compared to the same quarter last year.

D-Wave Quantum Stock Up 4.1%

QBTS stock traded up $1.17 during midday trading on Friday, hitting $29.56. 50,445,076 shares of the company’s stock were exchanged, compared to its average volume of 58,118,144. D-Wave Quantum has a 1-year low of $1.39 and a 1-year high of $46.75. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86. The business has a 50-day simple moving average of $28.10 and a two-hundred day simple moving average of $19.56.

Insiders Place Their Bets

In other news, Director John D. Dilullo sold 8,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $143,440.00. Following the completion of the transaction, the director directly owned 36,295 shares in the company, valued at approximately $650,769.35. This represents a 18.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Markovich sold 100,000 shares of the business’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $18.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the chief financial officer owned 1,558,753 shares in the company, valued at approximately $28,057,554. This trade represents a 6.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 207,363 shares of company stock worth $4,659,478. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Baird Financial Group Inc. boosted its position in shares of D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after buying an additional 1,300 shares during the period. Strs Ohio purchased a new stake in shares of D-Wave Quantum in the 1st quarter valued at $139,000. Great Valley Advisor Group Inc. acquired a new position in D-Wave Quantum during the 2nd quarter worth about $152,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of D-Wave Quantum during the second quarter worth about $203,000. Finally, Diversify Advisory Services LLC acquired a new stake in D-Wave Quantum during the 2nd quarter worth approximately $263,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

QBTS has been the subject of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating on shares of D-Wave Quantum in a research report on Monday, August 4th. Stifel Nicolaus assumed coverage on shares of D-Wave Quantum in a research note on Tuesday, August 5th. They issued a “buy” rating and a $26.00 target price on the stock. Benchmark restated a “buy” rating and issued a $20.00 price target on shares of D-Wave Quantum in a research report on Monday, August 4th. Rosenblatt Securities increased their price target on D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a report on Friday. Finally, Cantor Fitzgerald boosted their price objective on D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $26.17.

D-Wave Quantum Company Profile

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.