D-Wave Quantum (NYSE:QBTS) Shares Up 1.2% - Still a Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shot up 1.2% during trading on Monday . The stock traded as high as $14.49 and last traded at $14.19. 13,478,876 shares were traded during mid-day trading, a decline of 72% from the average session volume of 47,389,247 shares. The stock had previously closed at $14.02.

Wall Street Analysts Forecast Growth

Several research analysts have commented on QBTS shares. Needham & Company LLC increased their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Benchmark reissued a "buy" rating and set a $20.00 price target (up from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. B. Riley reaffirmed a "buy" rating and issued a $20.00 price objective (up previously from $13.00) on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Williams Trading set a $20.00 price objective on D-Wave Quantum in a report on Wednesday, June 18th. Finally, Roth Mkm raised their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $13.57.

D-Wave Quantum Stock Up 2.2%

The company has a market cap of $4.19 billion, a PE ratio of -23.96 and a beta of 1.48. The company has a fifty day moving average of $13.19 and a two-hundred day moving average of $9.10. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The business had revenue of $15.00 million for the quarter, compared to analysts' expectations of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. As a group, analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Alan E. Baratz sold 845,813 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the completion of the transaction, the chief executive officer now owns 2,866,412 shares in the company, valued at $48,729,004. The trade was a 22.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Roger Biscay sold 96,521 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $17.86, for a total value of $1,723,865.06. Following the completion of the transaction, the director now directly owns 106,626 shares in the company, valued at $1,904,340.36. This trade represents a 47.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,636,796 shares of company stock valued at $27,872,091 in the last ninety days. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum in the 4th quarter worth about $26,000. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $38,000. Russell Investments Group Ltd. grew its stake 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 purchasing an additional 3,165 shares in the last quarter. Signaturefd LLC grew its stake in D-Wave Quantum by 106.1% in the first quarter. Signaturefd LLC now owns 5,771 shares of the company's stock worth $44,000 after purchasing an additional 2,971 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in D-Wave Quantum by 107.8% during the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company's stock worth $48,000 after purchasing an additional 3,266 shares during the period. 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.

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