D-Wave Quantum (NYSE:QBTS) Reaches New 12-Month High - Time to Buy?

Key Points

• D-Wave Quantum Inc. shares reached a new 52-week high of $29.52, last trading at $28.80 with substantial volume of over 58 million shares.
• Analysts have mixed ratings on the stock, with a consensus rating of "Buy" and price targets ranging from $20.00 to $26.00, while Wall Street Zen downgraded it to "sell."
• Insider sales have been notable, with CFO John M. Markovich selling 100,000 shares for $1.8 million, indicating possible shifts in insider sentiment.

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $29.52 and last traded at $28.80, with a volume of 58858083 shares trading hands. The stock had previously closed at $25.63.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on QBTS shares. Piper Sandler upped their price objective on shares of D-Wave Quantum from $13.00 to $22.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Stifel Nicolaus initiated coverage on D-Wave Quantum in a research report on Tuesday, August 5th. They issued a "buy" rating and a $26.00 price objective for the company. Wall Street Zen lowered D-Wave Quantum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Finally, Canaccord Genuity Group began coverage on D-Wave Quantum in a report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 price objective on the stock. Eleven investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $20.27.

D-Wave Quantum Stock Performance

The stock has a market cap of $9.97 billion, a P/E ratio of -27.76 and a beta of 1.49. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86. The company has a fifty day moving average price of $18.72 and a 200 day moving average price of $14.52.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings data 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). The company had revenue of $3.10 million for 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 revenue for the quarter was up 40.9% on a year-over-year basis. On average, equities analysts expect 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, Director John D. Dilullo sold 8,000 shares of the firm's 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 transaction, the director directly owned 36,295 shares of the company's stock, valued at approximately $650,769.35. This trade represents a 18.06% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 100,000 shares of the firm's stock in a transaction that occurred on 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 in the company, 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 168,000 shares of company stock worth $2,937,740 over the last 90 days. Company insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently modified their holdings of the company. Vontobel Holding Ltd. raised its holdings in shares of D-Wave Quantum by 786.8% in the first quarter. Vontobel Holding Ltd. now owns 110,850 shares of the company's stock valued at $842,000 after buying an additional 98,350 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in D-Wave Quantum by 491.3% in the second quarter. Farther Finance Advisors LLC now owns 16,321 shares of the company's stock valued at $239,000 after buying an additional 13,561 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new position in D-Wave Quantum in the first quarter valued at about $167,000. Bouvel Investment Partners LLC purchased a new position in D-Wave Quantum in the second quarter valued at about $2,145,000. Finally, Voya Investment Management LLC increased its holdings in D-Wave Quantum by 69.3% in the first quarter. Voya Investment Management LLC now owns 48,924 shares of the company's stock valued at $372,000 after buying an additional 20,022 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company's stock.

D-Wave Quantum Company Profile

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.

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