D-Wave Quantum (NYSE:QBTS) Stock Price Up 1.3% - What's Next?

Key Points

• D-Wave Quantum's shares increased by 1.3% to close at $16.37, despite an 83% decline in trading volume compared to its average session.
• Analysts have raised price targets for D-Wave Quantum, with a new average target of $19.27 and eleven analysts giving it a Buy rating.
• In its latest earnings report, D-Wave Quantum reported a 40.9% year-over-year increase in revenue to $3.1 million, but missed EPS estimates by $0.03.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price rose 1.3% during mid-day trading on Wednesday . The stock traded as high as $16.37 and last traded at $16.37. Approximately 10,942,262 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 64,455,684 shares. The stock had previously closed at $16.15.

Wall Street Analyst Weigh In

QBTS has been the subject of several analyst reports. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Canaccord Genuity Group began coverage on shares of D-Wave Quantum in a research note on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 price target on the stock. Stifel Nicolaus began coverage on shares of D-Wave Quantum in a research note on Tuesday, August 5th. They issued a "buy" rating and a $26.00 price target on the stock. Cantor Fitzgerald began 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 on the stock. Finally, Needham & Company LLC reaffirmed a "buy" rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Eleven research analysts have rated the stock with a Buy rating, According to MarketBeat.com, D-Wave Quantum currently has an average rating of "Buy" and an average price target of $19.27.

D-Wave Quantum Stock Up 7.7%

The business's 50 day moving average is $16.78 and its 200 day moving average is $12.89. The company has a market capitalization of $6.08 billion, a price-to-earnings ratio of -16.94 and a beta of 1.39. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $3.10 million during the quarter, compared to analyst estimates of $2.55 million. The company's revenue was up 40.9% on a year-over-year basis. Sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Activity

In other news, Director Kirstjen Nielsen sold 13,000 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $16.04, for a total transaction of $208,520.00. Following the completion of the sale, the director owned 119,673 shares of the company's stock, valued at $1,919,554.92. This represents a 9.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John D. Dilullo sold 15,000 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.40, for a total transaction of $246,000.00. Following the sale, the director directly owned 44,295 shares of the company's stock, valued at $726,438. The trade was a 25.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 178,000 shares of company stock valued at $3,069,520 in the last three months. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. bLong Financial LLC lifted its position in D-Wave Quantum by 2.3% in the second quarter. bLong Financial LLC now owns 24,643 shares of the company's stock valued at $361,000 after buying an additional 551 shares during the last quarter. Capital Advisory Group Advisory Services LLC lifted its position 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 buying an additional 646 shares during the last quarter. Center for Financial Planning Inc. lifted its position 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 buying an additional 695 shares during the last quarter. Citizens Financial Group Inc. RI lifted its position in D-Wave Quantum by 1.4% in the second quarter. Citizens Financial Group Inc. RI now owns 79,327 shares of the company's stock valued at $1,161,000 after buying an additional 1,081 shares during the last quarter. Finally, Baird Financial Group Inc. increased its stake in D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock worth $92,000 after purchasing an additional 1,300 shares during the period. Institutional investors and hedge funds 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.