D-Wave Quantum (NYSE:QBTS) Trading 5.1% Higher – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded up 5.1% on Friday . The stock traded as high as $35.19 and last traded at $32.64. 67,275,674 shares changed hands during trading, an increase of 3% from the average session volume of 65,251,750 shares. The stock had previously closed at $31.06.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Rosenblatt Securities assumed coverage on shares of D-Wave Quantum in a research report on Tuesday, July 29th. They set a “buy” rating and a $30.00 price objective on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of D-Wave Quantum in a research report on Tuesday, October 14th. Piper Sandler increased their price target on shares of D-Wave Quantum from $13.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Wall Street Zen cut shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Finally, Zacks Research cut shares of D-Wave Quantum from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.27.

D-Wave Quantum Price Performance

The stock has a market cap of $11.16 billion, a P/E ratio of -31.08 and a beta of 1.49. The firm’s fifty day moving average price is $24.68 and its 200-day moving average price is $17.78. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The company had revenue of $3.10 million during the quarter, compared to the consensus estimate of $2.55 million. D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. The company’s quarterly revenue was up 40.9% compared to the same quarter last year. Analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 31,369 shares of the company’s stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $43.74, for a total value of $1,372,080.06. Following the transaction, the chief executive officer owned 2,801,265 shares in the company, valued at $122,527,331.10. The trade was a 1.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the company’s 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 completion of the transaction, the director owned 47,778 shares in the company, valued at approximately $856,659.54. The trade was a 17.31% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 207,363 shares of company stock worth $4,659,478. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in D-Wave Quantum by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock worth $85,766,000 after purchasing an additional 4,166,721 shares in the last quarter. State Street Corp boosted its stake in D-Wave Quantum by 41.3% in the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock worth $97,333,000 after purchasing an additional 1,941,762 shares in the last quarter. Geode Capital Management LLC raised its position in D-Wave Quantum by 41.6% in the 2nd quarter. Geode Capital Management LLC now owns 6,411,558 shares of the company’s stock worth $93,877,000 after buying an additional 1,883,109 shares during the last quarter. Marex Group plc purchased a new position in D-Wave Quantum in the 2nd quarter worth about $80,070,000. Finally, Penserra Capital Management LLC raised its position in D-Wave Quantum by 80.1% in the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company’s stock worth $38,518,000 after buying an additional 2,253,741 shares during the last quarter. 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.