D-Wave Quantum (NYSE:QBTS) Trading Up 12% – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price shot up 12% during mid-day trading on Friday . The company traded as high as $33.28 and last traded at $32.72. 89,596,381 shares changed hands during mid-day trading, an increase of 38% from the average session volume of 64,814,059 shares. The stock had previously closed at $29.21.

Analyst Ratings Changes

A number of brokerages have issued reports on QBTS. Stifel Nicolaus began coverage on shares of D-Wave Quantum in a report on Tuesday, August 5th. They issued a “buy” rating and a $26.00 price target on the stock. Needham & Company LLC reissued a “buy” rating on shares of D-Wave Quantum in a report on Monday, August 4th. Roth Capital reissued a “buy” rating on shares of D-Wave Quantum in a report on Friday, June 13th. Canaccord Genuity Group began coverage on shares of D-Wave Quantum in a report on Wednesday, July 23rd. They issued a “buy” rating and a $20.00 price target on the stock. Finally, Cantor Fitzgerald began coverage on shares of D-Wave Quantum in a report on Wednesday, July 2nd. They issued an “overweight” rating and a $20.00 price target on the stock. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.27.

D-Wave Quantum Stock Performance

The company has a market capitalization of $11.19 billion, a PE ratio of -31.16 and a beta of 1.49. The business’s 50-day moving average is $19.18 and its 200-day moving average is $14.82. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. The business had revenue of $3.10 million for the quarter, compared to analysts’ expectations of $2.55 million. D-Wave Quantum’s quarterly revenue was up 40.9% on a year-over-year basis. On average, research analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $143,440.00. Following the completion of the transaction, the director directly owned 36,295 shares of the company’s stock, valued at approximately $650,769.35. The trade was a 18.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Markovich sold 100,000 shares of D-Wave Quantum stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $18.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,558,753 shares of the company’s stock, valued at $28,057,554. This trade represents a 6.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 168,000 shares of company stock valued at $2,937,740 in the last three months. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of QBTS. GAMMA Investing LLC grew its stake in shares of D-Wave Quantum by 4,019.5% in the first quarter. GAMMA Investing LLC now owns 10,587 shares of the company’s stock worth $80,000 after acquiring an additional 10,330 shares during the period. Rhumbline Advisers grew its stake in shares of D-Wave Quantum by 81.8% in the first quarter. Rhumbline Advisers now owns 242,515 shares of the company’s stock worth $1,843,000 after acquiring an additional 109,110 shares during the period. Patriot Financial Group Insurance Agency LLC grew its stake in shares of D-Wave Quantum by 52.1% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 88,363 shares of the company’s stock worth $672,000 after acquiring an additional 30,263 shares during the period. Yarbrough Capital LLC bought a new stake in shares of D-Wave Quantum in the first quarter worth approximately $920,000. Finally, Curbstone Financial Management Corp bought a new stake in shares of D-Wave Quantum in the first quarter worth approximately $152,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.