D-Wave Quantum (NYSE:QBTS) Sets New 52-Week High - Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price reached a new 52-week high on Monday . The company traded as high as $20.19 and last traded at $19.83, with a volume of 21911637 shares changing hands. The stock had previously closed at $18.89.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a report on Wednesday, June 18th. Roth Capital reaffirmed a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Cantor Fitzgerald initiated coverage on shares of D-Wave Quantum in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price target for the company. Benchmark reiterated a "buy" rating and issued a $20.00 price objective (up previously from $14.00) on shares of D-Wave Quantum in a report on Tuesday, June 17th. Finally, Needham & Company LLC lifted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $14.38.

D-Wave Quantum Trading Down 2.6%

The firm has a market capitalization of $5.37 billion, a price-to-earnings ratio of -30.65 and a beta of 1.40. The business's 50-day simple moving average is $15.84 and its two-hundred day simple moving average is $9.97. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. Equities analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO John M. Markovich sold 400,000 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the transaction, the chief financial officer directly owned 1,577,944 shares in the company, valued at $27,298,431.20. This represents a 20.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kirstjen Nielsen sold 58,644 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.21, for a total transaction of $950,619.24. Following the completion of the transaction, the director owned 132,673 shares in the company, valued at $2,150,629.33. The trade was a 30.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock worth $27,872,091 in the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds have recently added to or reduced their stakes in the stock. Reyes Financial Architecture Inc. bought a new stake in shares of D-Wave Quantum during the second quarter valued at about $29,000. Parallel Advisors LLC raised its position in D-Wave Quantum by 227.3% in the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock worth $32,000 after acquiring an additional 1,532 shares in the last quarter. Fourth Dimension Wealth LLC bought a new stake in D-Wave Quantum in the fourth quarter worth about $26,000. PNC Financial Services Group Inc. bought a new stake in D-Wave Quantum in the fourth quarter worth about $38,000. Finally, Russell Investments Group Ltd. raised its position in D-Wave Quantum by 133.9% in the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock worth $42,000 after acquiring an additional 3,165 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors.

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.

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