D-Wave Quantum (NYSE:QBTS) Shares Up 4.1% - Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares shot up 4.1% on Friday . The company traded as high as $16.83 and last traded at $16.63. 29,876,920 shares were traded during trading, a decline of 38% from the average session volume of 48,043,095 shares. The stock had previously closed at $15.98.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on QBTS. Benchmark reiterated a "buy" rating and set a $20.00 price target (up previously from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Needham & Company LLC increased their target price on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. B. Riley restated a "buy" rating and set a $20.00 price target (up from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Finally, Cantor Fitzgerald began coverage on D-Wave Quantum in a research note on Wednesday. They issued an "overweight" rating and a $20.00 price target on the stock. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $14.38.

D-Wave Quantum Stock Up 4.1%

The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. The company's fifty day moving average price is $13.90 and its 200-day moving average price is $9.32. The stock has a market capitalization of $4.86 billion, a PE ratio of -27.72 and a beta of 1.40.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. Analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 43,517 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.80, for a total transaction of $731,085.60. Following the sale, the director directly owned 57,778 shares in the company, valued at approximately $970,670.40. This trade represents a 42.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kirstjen Nielsen sold 13,000 shares of D-Wave Quantum stock in a transaction 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 completion of the sale, the director directly owned 119,673 shares of the company's stock, valued at approximately $1,919,554.92. The trade was a 9.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,636,796 shares of company stock worth $27,872,091 in the last ninety days. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently modified their holdings of the business. Voya Investment Management LLC lifted its stake in D-Wave Quantum by 69.3% during the 1st quarter. Voya Investment Management LLC now owns 48,924 shares of the company's stock valued at $372,000 after acquiring an additional 20,022 shares during the period. Rhumbline Advisers raised its holdings in shares of D-Wave Quantum by 81.8% during the first quarter. Rhumbline Advisers now owns 242,515 shares of the company's stock valued at $1,843,000 after purchasing an additional 109,110 shares during the last quarter. Strs Ohio bought a new position in D-Wave Quantum during the first quarter valued at approximately $139,000. Geneos Wealth Management Inc. purchased a new stake in D-Wave Quantum in the first quarter worth approximately $147,000. Finally, Focus Partners Wealth grew its position in D-Wave Quantum by 86.5% in the 1st quarter. Focus Partners Wealth now owns 42,947 shares of the company's stock worth $326,000 after purchasing an additional 19,922 shares during the period. 42.47% of the stock is owned by hedge funds and other 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.