D-Wave Quantum (NASDAQ:QBTS) Shares Up 1.3% - What's Next?

Key Points

• D-Wave Quantum shares rose 1.3% to $21.17 in mid-day trading, with volume down 62% from the average session.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $36.36, well above the current share price.
• The company’s latest quarter missed expectations, reporting a $0.10 per-share loss and $3.08 million in revenue versus estimates of $0.08 and $4.03 million, respectively. Insiders have also sold about 1.36 million shares worth $35.8 million over the past three months.

D-Wave Quantum Inc. (NASDAQ:QBTS - Get Free Report) shares were up 1.3% during mid-day trading on Friday . The stock traded as high as $21.46 and last traded at $21.17. Approximately 10,988,229 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 29,279,768 shares. The stock had previously closed at $20.90.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Needham & Company LLC reiterated a "buy" rating and set a $40.00 price target on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Jefferies Financial Group set a $40.00 price objective on D-Wave Quantum in a research note on Friday, August 7th. Stifel Nicolaus set a $35.00 price objective on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Benchmark initiated coverage on shares of D-Wave Quantum in a research report on Monday, July 27th. They set a "buy" rating and a $30.00 target price for the company. Finally, Wedbush assumed coverage on shares of D-Wave Quantum in a research note on Monday, August 3rd. They issued an "outperform" rating and a $40.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued 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, the stock has an average rating of "Moderate Buy" and an average target price of $36.36.

D-Wave Quantum Stock Up 1.3%

The stock has a market capitalization of $7.83 billion, a P/E ratio of -29.82 and a beta of 2.15. The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31. The stock has a fifty day moving average price of $21.09 and a 200 day moving average price of $20.36.

D-Wave Quantum (NASDAQ:QBTS - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.02). D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 28.19%. The company had revenue of $3.08 million for the quarter, compared to the consensus estimate of $4.03 million. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. The business's revenue for the quarter was down 0.6 compared to the same quarter last year. On average, research analysts forecast that D-Wave Quantum Inc. will post -0.42 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 13,518 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $26.41, for a total value of $357,010.38. Following the completion of the sale, the director owned 23,617 shares of the company's stock, valued at $623,724.97. This represents a 36.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Sophie C. Ames sold 23,025 shares of the company's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $18.98, for a total transaction of $437,014.50. Following the completion of the sale, the vice president directly owned 596,803 shares of the company's stock, valued at $11,327,320.94. This trade represents a 3.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 1,363,842 shares of company stock worth $35,789,148. Company insiders own 1.30% of the company's stock.

Institutional Trading of D-Wave Quantum

Several large investors have recently added to or reduced their stakes in QBTS. BlackRock Inc. purchased a new stake in D-Wave Quantum in the second quarter worth $795,206,000. UBS Group AG lifted its position in 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 buying an additional 10,205,427 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of D-Wave Quantum by 136,842.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company's stock valued at $83,546,000 after buying an additional 3,192,533 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of D-Wave Quantum by 311.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,548,013 shares of the company's stock worth $92,781,000 after buying an additional 2,685,980 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in shares of D-Wave Quantum in the 2nd quarter worth about $54,951,000. Institutional investors own 42.47% of the company's stock.

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.

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