D-Wave Quantum (NYSE:QBTS) Stock Price Up 5.9% - Here's Why

Key Points

• D-Wave Quantum's stock price increased by 5.9%, trading at $43.02 after reaching a high of $45.30 during mid-day trading.
• Equity analysts have set new price targets, with Piper Sandler raising the target to $22.00 and Stifel Nicolaus giving a buy rating with a $26.00 target price.
• Despite a revenue increase of 40.9% year-over-year to $3.10 million, the company reported a loss of ($0.08) EPS, missing estimates by $0.03.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) was up 5.9% during mid-day trading on Tuesday . The company traded as high as $45.30 and last traded at $43.02. Approximately 72,506,396 shares changed hands during mid-day trading, an increase of 11% from the average daily volume of 65,231,777 shares. The stock had previously closed at $40.62.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Piper Sandler increased their price objective on shares of D-Wave Quantum from $13.00 to $22.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Stifel Nicolaus started coverage on D-Wave Quantum in a report on Tuesday, August 5th. They issued a "buy" rating and a $26.00 target price for the company. Weiss Ratings restated a "sell (e+)" rating on shares of D-Wave Quantum in a report on Tuesday. Wall Street Zen lowered shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, Canaccord Genuity Group assumed coverage on D-Wave Quantum in a report on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 target price for the company. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price 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 firm has a market cap of $14.71 billion, a P/E ratio of -40.97 and a beta of 1.49. The business has a 50-day simple moving average of $21.38 and a 200 day simple moving average of $16.02.

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

Insider Activity at D-Wave Quantum

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 transaction of $179,300.00. Following the completion of the transaction, the director directly owned 47,778 shares of the company's stock, valued at approximately $856,659.54. This represents a 17.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John D. Dilullo sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $143,440.00. Following the completion of the sale, the director directly owned 36,295 shares of the company's stock, valued at $650,769.35. The trade was a 18.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 168,000 shares of company stock worth $2,937,740. 3.20% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently made changes to their positions in QBTS. Marex Group plc acquired a new position in D-Wave Quantum in the second quarter valued at approximately $80,070,000. Vanguard Group Inc. lifted its position in shares of D-Wave Quantum by 58.5% in the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock valued at $85,766,000 after acquiring an additional 4,166,721 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in D-Wave Quantum in the 2nd quarter valued at $45,372,000. Penserra Capital Management LLC lifted its stake in shares of D-Wave Quantum by 80.1% in the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after buying an additional 2,253,741 shares in the last quarter. Finally, UNICOM Systems Inc. raised its holdings in shares of D-Wave Quantum by 91.9% during the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after acquiring an additional 2,216,000 shares during the period. 42.47% of the stock is currently owned by institutional investors.

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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