D-Wave Quantum (NYSE:QBTS) Shares Up 4.1% - Here's Why

Key Points

• D-Wave Quantum's stock price increased by 4.1%, reaching a last traded price of $44.82, with trading volume up 18% from its average.
• Analysts have given the stock a consensus rating of "Moderate Buy" with an average price target of $20.27, amidst various research reports from firms like Cantor Fitzgerald and Rosenblatt Securities.
• The company reported revenue growth of 40.9% year-over-year, although it missed EPS estimates, reporting ($0.08) against a consensus of ($0.05).

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price rose 4.1% during trading on Wednesday . The stock traded as high as $46.75 and last traded at $44.82. Approximately 76,971,052 shares were traded during trading, an increase of 18% from the average daily volume of 65,295,637 shares. The stock had previously closed at $43.06.

Analyst Ratings Changes

QBTS has been the subject of several recent research reports. 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 objective for the company. Rosenblatt Securities initiated coverage on D-Wave Quantum in a research report on Tuesday, July 29th. They set a "buy" rating and a $30.00 price objective for the company. Weiss Ratings reissued a "sell (e+)" rating on shares of D-Wave Quantum in a research report on Tuesday. Canaccord Genuity Group initiated coverage on D-Wave Quantum in a research report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 price objective for the company. Finally, Roth Capital reissued a "buy" rating on shares of D-Wave Quantum in a research report on Wednesday. Eleven research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $20.27.

D-Wave Quantum Stock Up 4.1%

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 company has a fifty day simple moving average of $21.88 and a 200 day simple moving average of $16.20. The firm has a market capitalization of $15.33 billion, a P/E ratio of -42.68 and a beta of 1.49.

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 the consensus estimate of ($0.05) by ($0.03). The company had revenue of $3.10 million during the quarter, compared to the consensus estimate of $2.55 million. D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.D-Wave Quantum's revenue for the quarter was up 40.9% compared to the same quarter last year. On average, equities analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In other news, Director Rohit Ghai sold 10,000 shares of the company's 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 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 the SEC website. Also, CFO John M. Markovich sold 100,000 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $18.00, for a total value of $1,800,000.00. Following the transaction, the chief financial officer directly owned 1,558,753 shares in the company, valued at approximately $28,057,554. The trade was a 6.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 168,000 shares of company stock valued at $2,937,740 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of QBTS. Reyes Financial Architecture Inc. bought a new position in D-Wave Quantum in the second quarter valued at about $29,000. Atlantic Union Bankshares Corp bought a new position in D-Wave Quantum in the second quarter valued at about $29,000. Parallel Advisors LLC lifted its holdings in D-Wave Quantum by 227.3% in the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock valued at $32,000 after acquiring an additional 1,532 shares during the period. Gables Capital Management Inc. bought a new position in D-Wave Quantum in the second quarter valued at about $37,000. Finally, Huntington National Bank bought a new position in D-Wave Quantum in the second quarter valued at about $41,000. Institutional investors own 42.47% of the company's stock.

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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