D-Wave Quantum (NYSE:QBTS) Shares Up 6% - What's Next?

Key Points

• D-Wave Quantum Inc. shares rose by 6% during mid-day trading, increasing from a previous close of $17.18 to $18.22.
• Several analysts have issued positive ratings on D-Wave Quantum, with target prices ranging from $20.00 to $26.00, and an average rating of "Buy."
• Insider trading activity shows significant sales, with Director Kirstjen Nielsen selling 58,644 shares and CEO Alan E. Baratz selling 845,813 shares recently.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares traded up 6% during mid-day trading on Tuesday . The company traded as high as $19.17 and last traded at $18.22. 28,526,865 shares were traded during trading, a decline of 59% from the average session volume of 69,424,359 shares. The stock had previously closed at $17.18.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Roth Capital reaffirmed a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Benchmark reissued a "buy" rating and issued a $20.00 target price on shares of D-Wave Quantum in a report on Monday. Williams Trading set a $20.00 target price on shares of D-Wave Quantum in a report on Wednesday, June 18th. Stifel Nicolaus assumed coverage on shares of D-Wave Quantum in a report on Tuesday. They issued a "buy" rating and a $26.00 target price for the company. Finally, B. Riley raised their target price on shares of D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $17.55.

D-Wave Quantum Trading Up 6.6%

The stock has a 50-day moving average of $16.66 and a 200 day moving average of $10.85. The stock has a market cap of $5.35 billion, a PE ratio of -30.60 and a beta of 1.41. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15.

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

Insider Buying and Selling

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 58,644 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.21, for a total transaction of $950,619.24. Following the completion of the sale, the director directly owned 132,673 shares in the company, valued at $2,150,629.33. This represents a 30.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Alan E. Baratz sold 845,813 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total value of $14,378,821.00. Following the sale, the chief executive officer owned 2,866,412 shares of the company's stock, valued at $48,729,004. This represents a 22.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,636,796 shares of company stock valued at $27,872,091. Company insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum during the 4th quarter worth approximately $26,000. Reyes Financial Architecture Inc. bought a new position in D-Wave Quantum during the 2nd quarter worth approximately $29,000. Parallel Advisors LLC raised its position in shares of D-Wave Quantum by 227.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock worth $32,000 after purchasing an additional 1,532 shares during the period. Gables Capital Management Inc. acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth approximately $37,000. Finally, Russell Investments Group Ltd. increased its position in D-Wave Quantum by 133.9% in the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock valued at $42,000 after acquiring an additional 3,165 shares during the period. Hedge funds and other 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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