D-Wave Quantum (NYSE:QBTS) Stock Price Up 3.5% - Here's Why

Key Points

• D-Wave Quantum Inc. stock rose by 3.5%, trading at $25.58, despite a significant decline in trading volume from previous averages.
• The company received several analyst ratings, with a consensus average rating of "Buy" and an average price target of $20.27.
• Recent insider trading included sales by the Director and CFO, who sold shares at prices lower than current trading levels, indicating potential concerns about ownership dilution.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) was up 3.5% during trading on Wednesday . The stock traded as high as $25.82 and last traded at $25.58. Approximately 43,784,820 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 64,620,551 shares. The stock had previously closed at $24.71.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Cantor Fitzgerald initiated coverage on shares of D-Wave Quantum in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price objective for the company. Canaccord Genuity Group started coverage on shares of D-Wave Quantum in a report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 price target on the stock. Benchmark reissued a "buy" rating and set a $20.00 target price on shares of D-Wave Quantum in a research note on Monday, August 4th. Rosenblatt Securities began coverage on shares of D-Wave Quantum in a report on Tuesday, July 29th. They set a "buy" rating and a $30.00 price objective for the company. Finally, Stifel Nicolaus assumed coverage on shares of D-Wave Quantum in a research report on Tuesday, August 5th. They set a "buy" rating and a $26.00 target price on the stock. Eleven research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $20.27.

D-Wave Quantum Price Performance

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 stock's 50 day moving average is $18.61 and its two-hundred day moving average is $14.44. The stock has a market capitalization of $8.75 billion, a PE ratio of -24.36 and a beta of 1.39.

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 business had revenue of $3.10 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 40.9% compared to the same quarter last year. On average, equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In related news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $179,300.00. Following the completion of the sale, the director owned 47,778 shares of the company's stock, valued at approximately $856,659.54. This trade represents a 17.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John M. Markovich sold 50,000 shares of the business's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $16.30, for a total value of $815,000.00. Following the transaction, the chief financial officer directly owned 1,599,511 shares in the company, valued at $26,072,029.30. This trade represents a 3.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 168,000 shares of company stock worth $2,937,740 over the last ninety days. Corporate insiders own 3.20% of the company's stock.

Institutional Trading of D-Wave Quantum

Institutional investors have recently made changes to their positions in the company. Vontobel Holding Ltd. grew its position 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 during the period. Kingswood Wealth Advisors LLC purchased a new position in shares of D-Wave Quantum during the 1st quarter worth $167,000. Bouvel Investment Partners LLC purchased a new position in shares of D-Wave Quantum during the 2nd quarter worth $2,145,000. Farther Finance Advisors LLC increased its position in shares of D-Wave Quantum by 491.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 16,321 shares of the company's stock worth $239,000 after purchasing an additional 13,561 shares during the last quarter. Finally, Swiss National Bank purchased a new stake in D-Wave Quantum in the 1st quarter valued at about $3,532,000. Hedge funds and other 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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