D-Wave Quantum (NYSE:QBTS) Shares Up 13.7% - Here's What Happened

Key Points

• D-Wave Quantum's shares surged by 13.7% on Thursday, reaching a high of $29.61, with a notable trading volume of 71.6 million shares, indicating increased investor interest.
• Several brokerages have initiated coverage on D-Wave Quantum, with Rosenblatt Securities setting a "buy" rating and a price target of $30.00, while seven other analysts also maintain a positive outlook.
• D-Wave Quantum reported a revenue increase of 40.9% year-over-year, reaching $3.10 million for the last quarter, although the company missed EPS estimates with a reported loss of ($0.08).

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shot up 13.7% on Thursday . The stock traded as high as $29.61 and last traded at $29.15. 71,646,712 shares traded hands during trading, an increase of 11% from the average session volume of 64,679,082 shares. The stock had previously closed at $25.63.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on QBTS. Rosenblatt Securities began coverage on shares of D-Wave Quantum in a research report on Tuesday, July 29th. They set a "buy" rating and a $30.00 price target on the stock. Cantor Fitzgerald began coverage on shares of D-Wave Quantum in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price objective on the stock. Canaccord Genuity Group began coverage on shares of D-Wave Quantum in a report on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 price objective on the stock. Needham & Company LLC restated a "buy" rating on shares of D-Wave Quantum in a report on Monday, August 4th. Finally, Piper Sandler boosted their price objective on shares of D-Wave Quantum from $13.00 to $22.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Eleven analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $20.27.

D-Wave Quantum Stock Performance

The firm has a market capitalization of $9.97 billion, a price-to-earnings ratio of -27.76 and a beta of 1.49. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05. The stock has a 50-day moving average price of $18.72 and a 200 day moving average price of $14.52.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $2.55 million. D-Wave Quantum's revenue was up 40.9% compared to the same quarter last year. On average, analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity at D-Wave Quantum

In related news, Director Rohit Ghai sold 10,000 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $179,300.00. Following the completion of the transaction, the director directly owned 47,778 shares of the company's stock, valued at $856,659.54. This represents a 17.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of the company's 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 transaction, the director directly owned 36,295 shares of the company's stock, valued at $650,769.35. This trade represents a 18.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 168,000 shares of company stock valued at $2,937,740 over the last three months. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its holdings in shares of D-Wave Quantum by 34.6% in the third quarter. GAMMA Investing LLC now owns 1,874 shares of the company's stock valued at $46,000 after acquiring an additional 482 shares during the period. bLong Financial LLC raised 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 worth $361,000 after acquiring an additional 551 shares in the last quarter. Capital Advisory Group Advisory Services LLC raised 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 worth $325,000 after acquiring an additional 646 shares in the last quarter. Center for Financial Planning Inc. raised 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 worth $53,000 after acquiring an additional 695 shares in the last quarter. Finally, Citizens Financial Group Inc. RI raised 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 worth $1,161,000 after acquiring an additional 1,081 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

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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