D-Wave Quantum (NYSE:QBTS) Stock Price Up 3.1% Following Analyst Upgrade

Key Points

• D-Wave Quantum's stock price increased by 3.1% after Piper Sandler raised its price target from $13.00 to $22.00, maintaining an overweight rating on the stock.
• Despite the positive analyst outlook, D-Wave Quantum experienced a significant decrease in trading volume, with only 19.7 million shares traded compared to an average of 68.9 million shares.
• The company's latest earnings report showed a revenue increase of 40.9% year-over-year, hitting $3.10 million, but they missed EPS estimates reporting $(0.08).

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price rose 3.1% during mid-day trading on Monday after Piper Sandler raised their price target on the stock from $13.00 to $22.00. Piper Sandler currently has an overweight rating on the stock. D-Wave Quantum traded as high as $18.20 and last traded at $17.43. Approximately 19,736,228 shares were traded during trading, a decline of 71% from the average daily volume of 68,902,273 shares. The stock had previously closed at $16.90.

QBTS has been the topic of several other research reports. Canaccord Genuity Group began coverage on D-Wave Quantum in a report on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 price target on the stock. 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 target on the stock. Needham & Company LLC reiterated a "buy" rating on shares of D-Wave Quantum in a report on Monday, August 4th. B. Riley raised their price target on D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. One research analyst has rated the stock with a sell rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, D-Wave Quantum presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.27.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director Roger Biscay sold 106,626 shares of the company's stock in a transaction dated 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 transaction, the director owned 14,260 shares of the company's stock, valued at $240,281. This represents a 88.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John D. Dilullo sold 15,000 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $16.40, for a total value of $246,000.00. Following the completion of the sale, the director directly owned 44,295 shares of the company's stock, valued at approximately $726,438. The trade was a 25.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock worth $27,872,091 over the last quarter. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vontobel Holding Ltd. boosted its holdings in D-Wave Quantum by 786.8% in the first quarter. Vontobel Holding Ltd. now owns 110,850 shares of the company's stock worth $842,000 after acquiring an additional 98,350 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in D-Wave Quantum by 20.6% in the fourth quarter. JPMorgan Chase & Co. now owns 46,804 shares of the company's stock worth $393,000 after acquiring an additional 8,001 shares in the last quarter. Bank of Montreal Can bought a new position in D-Wave Quantum in the fourth quarter worth approximately $111,000. Kingswood Wealth Advisors LLC bought a new position in D-Wave Quantum in the first quarter worth approximately $167,000. Finally, Verity Asset Management Inc. bought a new position in D-Wave Quantum in the first quarter worth approximately $251,000. Institutional investors and hedge funds own 42.47% of the company's stock.

D-Wave Quantum Trading Up 3.2%

The firm has a fifty day simple moving average of $16.71 and a 200-day simple moving average of $11.18. The firm has a market cap of $5.10 billion, a P/E ratio of -16.69 and a beta of 1.41. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. The company had revenue of $3.10 million during the quarter, compared to the consensus estimate of $2.55 million. The business's revenue was up 40.9% compared to the same quarter last year. On average, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

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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