D-Wave Quantum (NYSE:QBTS) Stock Price Up 5.1% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) shares shot up 5.1% on Monday . The company traded as high as $29.15 and last traded at $28.3830. 37,561,224 shares changed hands during trading, a decline of 39% from the average session volume of 61,788,340 shares. The stock had previously closed at $27.00.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on QBTS. Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a report on Tuesday, December 2nd. Wall Street Zen raised D-Wave Quantum from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Rosenblatt Securities increased their price target on D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Evercore ISI initiated coverage on D-Wave Quantum in a report on Wednesday, December 3rd. They set an “outperform” rating and a $44.00 price target on the stock. Finally, Williams Trading set a $35.00 price objective on shares of D-Wave Quantum in a research note on Monday, November 10th. Twelve analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.85.

D-Wave Quantum Stock Up 5.1%

The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68. The company has a market cap of $9.94 billion, a P/E ratio of -21.02 and a beta of 1.57. The stock has a 50 day moving average price of $29.60 and a 200 day moving average price of $21.75.

D-Wave Quantum (NYSE:QBTS) last released its 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. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The firm had revenue of $3.74 million for the quarter, compared to analyst estimates of $3.03 million. D-Wave Quantum’s revenue was up 105.6% on a year-over-year basis. Research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director John D. Dilullo sold 8,000 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $143,440.00. Following the completion of the sale, the director directly owned 36,295 shares of the company’s stock, valued at $650,769.35. This represents a 18.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kirstjen Nielsen sold 7,000 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $22.62, for a total transaction of $158,340.00. Following the completion of the transaction, the director owned 112,673 shares in the company, valued at approximately $2,548,663.26. This trade represents a 5.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 1,486,813 shares of company stock worth $39,555,326. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently modified their holdings of the stock. Allworth Financial LP lifted its holdings in shares of D-Wave Quantum by 40.7% during the third quarter. Allworth Financial LP now owns 10,362 shares of the company’s stock valued at $256,000 after purchasing an additional 2,999 shares during the last quarter. Swiss Life Asset Management Ltd acquired a new stake in D-Wave Quantum during the 3rd quarter worth about $345,000. Strategic Advocates LLC raised its holdings in D-Wave Quantum by 6.5% during the 3rd quarter. Strategic Advocates LLC now owns 33,715 shares of the company’s stock worth $833,000 after buying an additional 2,050 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in D-Wave Quantum during the third quarter valued at about $814,000. Finally, WBI Investments LLC acquired a new position in shares of D-Wave Quantum in the third quarter worth about $844,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

About D-Wave Quantum

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.