D-Wave Quantum (NYSE:QBTS) Shares Up 2.9% - What's Next?

Key Points

• D-Wave Quantum's stock price rose by 2.9%, trading at approximately $15.45 during mid-day trading, although its trading volume was 89% lower than average.
• Analysts have varying outlooks on the stock, with a consensus rating of "Buy" and a target price of $19.27, while some firms set specific target prices ranging from $20.00 to $30.00.
• In recent insider trading, notable directors sold significant shares, reducing their holdings, while large institutional investors have increased their positions significantly in D-Wave Quantum.

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded up 2.9% on Tuesday . The company traded as high as $15.50 and last traded at $15.45. 7,293,517 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 66,691,492 shares. The stock had previously closed at $15.02.

Analyst Upgrades and Downgrades

Several research firms have commented on QBTS. Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Cantor Fitzgerald began coverage on D-Wave Quantum in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price objective for the company. B. Riley increased their price objective on shares of D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Rosenblatt Securities initiated coverage on shares of D-Wave Quantum in a report on Tuesday, July 29th. They issued a "buy" rating and a $30.00 target price for the company. Finally, Needham & Company LLC reiterated a "buy" rating on shares of D-Wave Quantum in a report on Monday, August 4th. Eleven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $19.27.

D-Wave Quantum Trading Down 1.8%

The stock has a 50-day moving average of $16.62 and a 200 day moving average of $12.19. The stock has a market cap of $5.35 billion, a PE ratio of -14.89 and a beta of 1.41. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). The firm had revenue of $3.10 million during the quarter, compared to analysts' expectations 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 company's quarterly revenue was up 40.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 13,000 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $16.04, for a total value of $208,520.00. Following the sale, the director owned 119,673 shares in the company, valued at approximately $1,919,554.92. This represents a 9.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Roger Biscay sold 106,626 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.85, for a total value of $1,796,648.10. Following the completion of the sale, the director owned 14,260 shares in the company, valued at approximately $240,281. This represents a 88.20% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 378,787 shares of company stock worth $6,389,513. Corporate insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $26,000. Reyes Financial Architecture Inc. acquired a new position in shares of D-Wave Quantum during the 2nd quarter worth approximately $29,000. Atlantic Union Bankshares Corp acquired a new position in D-Wave Quantum in the 2nd quarter valued at $29,000. Parallel Advisors LLC raised its stake in D-Wave Quantum by 227.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock valued at $32,000 after purchasing an additional 1,532 shares during the last quarter. Finally, Gables Capital Management Inc. acquired a new position in D-Wave Quantum in the 2nd quarter valued at $37,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.