D-Wave Quantum (NYSE:QBTS) Reaches New 12-Month High - What's Next?

Key Points

• D-Wave Quantum's stock reached a new 52-week high of $22.85 during trading, closing at $22.49 with a trading volume of approximately 126 million shares.
• Equity analysts have issued several positive ratings for D-Wave Quantum, with a consensus Buy rating and an average target price of $19.27 per share.
• Institutional investors have significantly increased their holdings in D-Wave Quantum, with Vanguard Group raising its stake by 58.5%, now owning over 11 million shares.

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $22.85 and last traded at $22.49, with a volume of 126062926 shares. The stock had previously closed at $18.98.

Analysts Set New Price Targets

A number of equities analysts have issued reports on QBTS shares. Rosenblatt Securities started coverage on D-Wave Quantum in a research report on Tuesday, July 29th. They set a "buy" rating and a $30.00 price target on the stock. Cantor Fitzgerald assumed coverage on D-Wave Quantum in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 target price on the stock. Williams Trading set a $20.00 target price on D-Wave Quantum in a research report on Wednesday, June 18th. Benchmark restated a "buy" rating and issued a $20.00 target price on shares of D-Wave Quantum in a research report on Monday, August 4th. Finally, Piper Sandler raised their target price on D-Wave Quantum from $13.00 to $22.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Eleven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $19.27.

D-Wave Quantum Stock Performance

The firm has a 50-day moving average price of $17.00 and a 200 day moving average price of $13.13. The firm has a market capitalization of $7.69 billion, a PE ratio of -21.42 and a beta of 1.39. 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 - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.03). D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The firm had revenue of $3.10 million for the quarter, compared to analysts' expectations of $2.55 million. The business's quarterly revenue was up 40.9% compared to the same quarter last year. Research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum 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 sale, the director directly owned 47,778 shares of the company's stock, valued at $856,659.54. The trade was a 17.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John M. Markovich sold 50,000 shares of D-Wave Quantum stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $16.30, for a total value of $815,000.00. Following the sale, the chief financial officer directly owned 1,599,511 shares of the company's stock, valued at $26,072,029.30. This trade represents a 3.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 168,000 shares of company stock valued at $2,937,740 in the last ninety days. Insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted 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 valued at $85,766,000 after buying an additional 4,166,721 shares in the last quarter. State Street Corp increased its holdings in shares of D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company's stock worth $97,333,000 after buying an additional 1,941,762 shares during the last quarter. Geode Capital Management LLC increased its holdings 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 valued at $93,877,000 after purchasing an additional 1,883,109 shares in the last quarter. Marex Group plc acquired a new stake in D-Wave Quantum in the 2nd quarter valued at $80,070,000. Finally, Penserra Capital Management LLC increased its holdings 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 valued at $38,518,000 after purchasing an additional 2,253,741 shares in the last quarter. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.