D-Wave Quantum (NYSE:QBTS) Sets New 1-Year High - Still a Buy?

Key Points

• D-Wave Quantum's shares reached a new 52-week high, trading at $37.90 before closing at $35.80, with significant trading volume of over 90 million shares.
• Analysts generally maintain a positive outlook on the stock, with a consensus rating of "Moderate Buy" and an average price target of $20.27, while Weiss Ratings issued a "sell" rating.
• The company's recent earnings report revealed a revenue increase of 40.9% year-over-year, although it posted a loss of $0.08 EPS, missing expectations by $0.03.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares hit a new 52-week high on Wednesday . The stock traded as high as $37.90 and last traded at $35.80, with a volume of 90112411 shares. The stock had previously closed at $35.02.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on QBTS shares. Stifel Nicolaus assumed coverage on D-Wave Quantum in a research report on Tuesday, August 5th. They set a "buy" rating and a $26.00 price objective on the stock. Piper Sandler raised 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. Weiss Ratings reissued a "sell (d-)" rating on shares of D-Wave Quantum in a report on Saturday, September 27th. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Finally, Cantor Fitzgerald began coverage on D-Wave Quantum in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price objective for the company. Eleven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, D-Wave Quantum has an average rating of "Moderate Buy" and an average price target of $20.27.

D-Wave Quantum Stock Performance

The company has a market capitalization of $12.24 billion, a PE ratio of -34.09 and a beta of 1.49. The stock has a 50-day simple moving average of $19.88 and a 200 day simple moving average of $15.20. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted 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). The company had revenue of $3.10 million during the quarter, compared to analysts' expectations 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 firm's quarterly revenue was up 40.9% on a year-over-year basis. Equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction that occurred 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 sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 50,000 shares of the company's stock in a transaction on 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 owned 1,599,511 shares of the company's stock, valued at approximately $26,072,029.30. The trade was a 3.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 168,000 shares of company stock worth $2,937,740. 3.20% of the stock is owned by insiders.

Institutional Trading of D-Wave Quantum

Several large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in shares of D-Wave Quantum by 34.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,874 shares of the company's stock valued at $46,000 after purchasing an additional 482 shares in the last quarter. bLong Financial LLC increased its stake in shares of D-Wave Quantum by 2.3% in the second quarter. bLong Financial LLC now owns 24,643 shares of the company's stock worth $361,000 after buying an additional 551 shares during the last quarter. Capital Advisory Group Advisory Services LLC raised its holdings in D-Wave Quantum by 3.0% in the second quarter. Capital Advisory Group Advisory Services LLC now owns 22,167 shares of the company's stock valued at $325,000 after acquiring an additional 646 shares in the last quarter. Center for Financial Planning Inc. raised its holdings in D-Wave Quantum by 23.6% in the second quarter. Center for Financial Planning Inc. now owns 3,645 shares of the company's stock valued at $53,000 after acquiring an additional 695 shares in the last quarter. Finally, Citizens Financial Group Inc. RI boosted its stake in D-Wave Quantum by 1.4% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 79,327 shares of the company's stock valued at $1,161,000 after acquiring an additional 1,081 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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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