D-Wave Quantum (NYSE:QBTS) Shares Up 2.3% - Time to Buy?

Key Points

• D-Wave Quantum's stock price increased by 2.3% to a last traded price of $35.02, with a significant trading volume of approximately 65.8 million shares.
• Several analysts have rated D-Wave Quantum, with a consensus rating of "Moderate Buy" and an average price target of $20.27, reflecting the optimism of most analysts despite a mix of ratings from various firms.
• The company's most recent earnings report showed a revenue increase of 40.9% year-over-year, although it missed EPS estimates, indicating ongoing growth challenges.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price rose 2.3% on Thursday . The company traded as high as $36.64 and last traded at $35.02. Approximately 65,819,974 shares were traded during trading, an increase of 1% from the average daily volume of 65,079,793 shares. The stock had previously closed at $34.25.

Wall Street Analyst Weigh In

QBTS has been the topic of a number of research reports. Stifel Nicolaus initiated coverage on D-Wave Quantum in a research report on Tuesday, August 5th. They set a "buy" rating and a $26.00 price target on the stock. Piper Sandler increased their price target on D-Wave Quantum from $13.00 to $22.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Cantor Fitzgerald initiated coverage on D-Wave Quantum in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price target on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of D-Wave Quantum in a research report on Saturday, September 27th. Finally, Williams Trading set a $20.00 price target on D-Wave Quantum in a research report on Wednesday, June 18th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $20.27.

D-Wave Quantum Price Performance

The firm has a market capitalization of $11.98 billion, a P/E ratio of -33.35 and a beta of 1.49. The business has a fifty day moving average of $20.58 and a 200-day moving average of $15.51. 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 issued its quarterly 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 firm had revenue of $3.10 million for the quarter, compared to the consensus estimate 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. On average, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $179,300.00. Following the completion of the transaction, the director directly owned 47,778 shares of the company's stock, valued at approximately $856,659.54. This trade represents a 17.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 168,000 shares of company stock valued at $2,937,740. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently modified their holdings of QBTS. Marex Group plc bought a new stake in shares of D-Wave Quantum during the 2nd quarter worth $80,070,000. Vanguard Group Inc. boosted its stake in shares of D-Wave Quantum by 58.5% during the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock worth $85,766,000 after acquiring an additional 4,166,721 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of D-Wave Quantum during the 2nd quarter worth $45,372,000. Penserra Capital Management LLC boosted its stake in shares of D-Wave Quantum by 80.1% during the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after acquiring an additional 2,253,741 shares in the last quarter. Finally, UNICOM Systems Inc. boosted its stake in shares of D-Wave Quantum by 91.9% during the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after acquiring an additional 2,216,000 shares in the last quarter. 42.47% of the stock is owned by institutional investors.

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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