D-Wave Quantum (NYSE:QBTS) Trading 12.8% Higher – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) rose 12.8% during mid-day trading on Monday . The company traded as high as $23.34 and last traded at $23.03. Approximately 29,290,642 shares traded hands during trading, a decline of 54% from the average daily volume of 63,103,656 shares. The stock had previously closed at $20.41.

Analysts Set New Price Targets

QBTS has been the topic of several recent analyst reports. B. Riley boosted their price target on D-Wave Quantum from $22.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Rosenblatt Securities lifted their price objective on D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Canaccord Genuity Group increased their target price on D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Needham & Company LLC reissued a “buy” rating on shares of D-Wave Quantum in a research report on Monday, August 4th. Finally, Stifel Nicolaus started coverage on shares of D-Wave Quantum in a research note on Tuesday, August 5th. They issued a “buy” rating and a $26.00 price target for the company. Eleven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $28.67.

D-Wave Quantum Trading Up 12.8%

The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05. The company has a market cap of $8.06 billion, a price-to-earnings ratio of -17.06 and a beta of 1.53. The firm has a 50-day moving average price of $29.83 and a 200 day moving average price of $21.02.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.02. The firm had revenue of $3.74 million for the quarter, compared to analysts’ expectations of $3.03 million. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The firm’s revenue for the quarter was up 105.6% compared to the same quarter last year. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 806,288 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $28.87, for a total transaction of $23,277,534.56. Following the completion of the sale, the chief executive officer owned 2,801,265 shares of the company’s stock, valued at $80,872,520.55. This represents a 22.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $179,300.00. Following the sale, the director owned 47,778 shares in the company, valued at approximately $856,659.54. This trade represents a 17.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,379,813 shares of company stock valued at $36,891,986. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of D-Wave Quantum

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in D-Wave Quantum by 41.2% during the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after buying an additional 11,218,255 shares during the last quarter. UBS Group AG boosted its holdings in shares of D-Wave Quantum by 541.6% during the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after acquiring an additional 10,205,427 shares during the period. Marex Group plc bought a new position in shares of D-Wave Quantum during the second quarter worth about $80,070,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of D-Wave Quantum in the 2nd quarter worth about $45,372,000. Finally, Clear Street Group Inc. acquired a new stake in shares of D-Wave Quantum in the 3rd quarter worth about $75,344,000. Institutional investors own 42.47% of the company’s stock.

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.