D-Wave Quantum (NYSE:QBTS) Stock Price Up 3.7% - Still a Buy?

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) rose 3.7% on Monday . The company traded as high as $15.48 and last traded at $15.36. Approximately 11,230,211 shares changed hands during trading, a decline of 77% from the average daily volume of 48,637,638 shares. The stock had previously closed at $14.81.

Analyst Upgrades and Downgrades

QBTS has been the subject of a number of analyst reports. Benchmark reaffirmed a "buy" rating and set a $20.00 price objective (up previously from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. Cantor Fitzgerald began coverage on D-Wave Quantum in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 target price on the stock. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Williams Trading set a $20.00 target price on D-Wave Quantum in a research note on Wednesday, June 18th. Finally, Needham & Company LLC increased their target price on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum has a consensus rating of "Buy" and an average price target of $14.38.

D-Wave Quantum Trading Up 6.0%

The stock has a fifty day moving average of $14.95 and a 200 day moving average of $9.68. The company has a market capitalization of $4.59 billion, a P/E ratio of -26.16 and a beta of 1.40. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to analysts' expectations 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, equities research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director John D. Dilullo sold 15,000 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $16.40, for a total transaction of $246,000.00. Following the sale, the director directly owned 44,295 shares of the company's stock, valued at $726,438. This trade represents a 25.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rohit Ghai sold 43,517 shares of D-Wave Quantum stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.80, for a total value of $731,085.60. Following the completion of the sale, the director directly owned 57,778 shares in the company, valued at $970,670.40. This trade represents a 42.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,636,796 shares of company stock valued at $27,872,091. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in the company. Reyes Financial Architecture Inc. purchased a new position in shares of D-Wave Quantum during the second quarter valued at approximately $29,000. Parallel Advisors LLC boosted its position in shares of D-Wave Quantum by 227.3% during the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock valued at $32,000 after buying an additional 1,532 shares during the period. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $26,000. PNC Financial Services Group Inc. purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $38,000. Finally, Russell Investments Group Ltd. boosted its position in shares of D-Wave Quantum by 133.9% during the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock valued at $42,000 after buying an additional 3,165 shares during the period. 42.47% of the stock is owned by institutional investors.

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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