D-Wave Quantum (NYSE:QBTS) Hits New 1-Year High - Time to Buy?

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.

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

Analyst Ratings Changes

Several analysts have recently commented on QBTS shares. Rosenblatt Securities initiated coverage on D-Wave Quantum in a report on Tuesday, July 29th. They set a "buy" rating and a $30.00 target price on the stock. Benchmark restated a "buy" rating and set a $20.00 target price on shares of D-Wave Quantum in a research report on Monday, August 4th. Williams Trading set a $20.00 price target on shares of D-Wave Quantum in a research note on Wednesday, June 18th. B. Riley lifted their price objective on D-Wave Quantum from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Finally, Wall Street Zen lowered shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Eleven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $19.27.

D-Wave Quantum Stock Up 11.9%

The stock has a market capitalization of $9.20 billion, a PE ratio of -25.61 and a beta of 1.39. The company has a current ratio of 42.99, a quick ratio of 42.86 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average of $17.40 and a two-hundred day moving average of $13.47.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its 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 during the quarter, compared to analyst estimates of $2.55 million. The firm's revenue for the quarter was up 40.9% on a year-over-year basis. Equities research analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director John D. Dilullo sold 8,000 shares of the firm's stock in a transaction on 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 owned 36,295 shares of the company's stock, valued at approximately $650,769.35. This trade represents a 18.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $16.30, for a total transaction of $815,000.00. Following the sale, the chief financial officer owned 1,599,511 shares in the company, valued at $26,072,029.30. This represents a 3.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 168,000 shares of company stock worth $2,937,740 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently modified their holdings of QBTS. Osaic Holdings Inc. boosted its holdings in shares of D-Wave Quantum by 125.7% in the 2nd quarter. Osaic Holdings Inc. now owns 247,004 shares of the company's stock valued at $3,616,000 after buying an additional 137,549 shares in the last quarter. Orion Porfolio Solutions LLC purchased a new stake in shares of D-Wave Quantum in the 2nd quarter valued at $818,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of D-Wave Quantum in the 2nd quarter valued at about $203,000. Marex Group plc acquired a new stake in D-Wave Quantum in the second quarter valued at $80,070,000. Finally, Advisory Services Network LLC purchased a new position in shares of D-Wave Quantum in the 2nd quarter valued at $554,000. Institutional investors 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.