D-Wave Quantum (NYSE:QBTS) Stock Price Up 2.2% - Time to Buy?

Key Points

• D-Wave Quantum Inc. saw a 2.2% increase in stock price during mid-day trading, reaching $35.80 after trading as high as $37.90.
• The company has a consensus rating of "Moderate Buy" from analysts, with 11 buy ratings and one sell rating, and an average target price of $20.27.
• Institutional investors currently hold 42.47% of D-Wave Quantum's stock, with significant recent increases in holdings from firms like Vanguard Group and State Street Corp.

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) rose 2.2% during mid-day trading on Tuesday . The company traded as high as $37.90 and last traded at $35.80. Approximately 90,025,330 shares changed hands during mid-day trading, an increase of 38% from the average daily volume of 65,000,379 shares. The stock had previously closed at $35.02.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wall Street Zen lowered shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Roth Capital reissued a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Stifel Nicolaus started coverage on shares of D-Wave Quantum in a report on Tuesday, August 5th. They set a "buy" rating and a $26.00 target price for the company. Piper Sandler upped their target price 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. Finally, Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $20.27.

D-Wave Quantum Stock Up 2.2%

The firm has a market capitalization of $12.24 billion, a P/E ratio of -34.09 and a beta of 1.49. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99. The business's fifty day moving average price is $19.52 and its two-hundred day moving average price is $15.05.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted 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 business had revenue of $3.10 million for the quarter, compared to analysts' expectations 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 was up 40.9% on a year-over-year basis. Equities analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the 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 $179,300.00. Following the transaction, the director directly owned 47,778 shares in the company, 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 at this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of the firm'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 transaction of $143,440.00. Following the transaction, the director owned 36,295 shares in the company, valued at approximately $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. In the last quarter, insiders have sold 168,000 shares of company stock valued at $2,937,740. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in D-Wave Quantum by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock valued at $85,766,000 after buying an additional 4,166,721 shares during the period. State Street Corp raised its position in shares of D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company's stock valued at $97,333,000 after acquiring an additional 1,941,762 shares in the last quarter. Geode Capital Management LLC increased its position in D-Wave Quantum by 41.6% in the second quarter. Geode Capital Management LLC now owns 6,411,558 shares of the company's stock worth $93,877,000 after buying an additional 1,883,109 shares during the period. Marex Group plc acquired a new stake in D-Wave Quantum in the second quarter worth $80,070,000. Finally, Penserra Capital Management LLC raised its stake in shares of D-Wave Quantum by 80.1% during the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock valued at $38,518,000 after purchasing an additional 2,253,741 shares in the last quarter. Institutional investors and hedge funds 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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