D-Wave Quantum (NYSE:QBTS) Trading Up 11.2% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) traded up 11.2% during mid-day trading on Tuesday . The company traded as high as $14.49 and last traded at $14.4380. 24,882,644 shares were traded during trading, a decline of 15% from the average session volume of 29,163,658 shares. The stock had previously closed at $12.98.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Benchmark reaffirmed a “buy” rating and set a $35.00 price target on shares of D-Wave Quantum in a research report on Friday, January 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Friday, March 27th. Wedbush assumed coverage on D-Wave Quantum in a report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 target price on the stock. TD Cowen initiated coverage on D-Wave Quantum in a research report on Thursday, February 12th. They set a “buy” rating for the company. Finally, Mizuho decreased their price target on D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, February 27th. Fourteen equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.50.

D-Wave Quantum Stock Performance

The business’s 50-day simple moving average is $18.96 and its two-hundred day simple moving average is $25.08. The firm has a market cap of $5.22 billion, a price-to-earnings ratio of -12.82 and a beta of 1.78. The company has a quick ratio of 42.25, a current ratio of 42.38 and a debt-to-equity ratio of 0.04.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.04). D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The firm had revenue of $2.75 million for the quarter, compared to analysts’ expectations of $3.74 million. D-Wave Quantum’s quarterly revenue was up 21.7% on a year-over-year basis. As a group, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $17.62, for a total transaction of $176,200.00. Following the transaction, the director owned 27,778 shares in the company, valued at $489,448.36. This trade represents a 26.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John M. Markovich sold 10,706 shares of D-Wave Quantum stock in a transaction on Friday, March 13th. The shares were sold at an average price of $17.63, for a total transaction of $188,746.78. Following the completion of the sale, the chief financial officer directly owned 1,451,427 shares in the company, valued at $25,588,658.01. This represents a 0.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 72,898 shares of company stock valued at $1,749,054 in the last three months. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Root Financial Partners LLC increased its stake in shares of D-Wave Quantum by 388.0% during the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after purchasing an additional 776 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new position in D-Wave Quantum in the 4th quarter valued at about $28,000. EverSource Wealth Advisors LLC boosted its holdings in D-Wave Quantum by 267.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after buying an additional 838 shares during the last quarter. Ancora Advisors LLC purchased a new stake in D-Wave Quantum during the 3rd quarter worth approximately $30,000. Finally, Financial Consulate Inc. purchased a new stake in D-Wave Quantum during the 3rd quarter worth approximately $31,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.