D-Wave Quantum (NYSE:QBTS) Stock Price Up 7.1% Following Analyst Upgrade

Key Points

• D-Wave Quantum Inc. shares surged by 7.1% to $27.50 following an upgrade from B. Riley, which raised its price target from $22.00 to $33.00.
• Despite the positive outlook from several analysts, there are mixed ratings, with some firms downgrading the stock, while a consensus rating remains a "Buy."
• Recent insider trading activities included a sale of 8,000 shares by Director John D. Dilullo, reflecting a 18.06% decrease in ownership, and CFO John M. Markovich selling 50,000 shares.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares were up 7.1% during trading on Tuesday after B. Riley raised their price target on the stock from $22.00 to $33.00. B. Riley currently has a buy rating on the stock. D-Wave Quantum traded as high as $27.99 and last traded at $27.50. Approximately 65,918,054 shares were traded during mid-day trading, an increase of 2% from the average daily volume of 64,838,754 shares. The stock had previously closed at $25.67.

A number of other research firms also recently commented on QBTS. Needham & Company LLC reiterated a "buy" rating on shares of D-Wave Quantum in a report on Monday, August 4th. Wall Street Zen downgraded shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Stifel Nicolaus began coverage on D-Wave Quantum in a research report on Tuesday, August 5th. They issued a "buy" rating and a $26.00 price objective for the company. Williams Trading set a $20.00 price target on shares of D-Wave Quantum in a report on Wednesday, June 18th. Finally, Cantor Fitzgerald initiated coverage on shares of D-Wave Quantum in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 target price for the company. Eleven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $20.27.

Insider Buying and Selling

In other news, Director John D. Dilullo sold 8,000 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $143,440.00. Following the sale, the director owned 36,295 shares in the company, valued at $650,769.35. This trade represents a 18.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $16.30, for a total transaction of $815,000.00. Following the sale, the chief financial officer directly owned 1,599,511 shares of the company's stock, valued at $26,072,029.30. This represents a 3.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 168,000 shares of company stock worth $2,937,740. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently made changes to their positions in the stock. Deutsche Bank AG grew its holdings in D-Wave Quantum by 35.0% in the 4th quarter. Deutsche Bank AG now owns 73,906 shares of the company's stock worth $621,000 after buying an additional 19,157 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of D-Wave Quantum by 14.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,135 shares of the company's stock valued at $472,000 after purchasing an additional 7,185 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in D-Wave Quantum by 9.8% during the 4th quarter. Nuveen Asset Management LLC now owns 481,708 shares of the company's stock worth $4,046,000 after buying an additional 43,159 shares during the period. ProShare Advisors LLC raised its holdings in shares of D-Wave Quantum by 68.3% during the fourth quarter. ProShare Advisors LLC now owns 27,851 shares of the company's stock valued at $234,000 after acquiring an additional 11,301 shares during the period. Finally, Tidal Investments LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at $104,000. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Trading Up 7.1%

The stock has a market cap of $9.41 billion, a price-to-earnings ratio of -26.19 and a beta of 1.40. 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 company's 50 day simple moving average is $17.59 and its two-hundred day simple moving average is $13.67.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $3.10 million for the quarter, compared to the consensus estimate of $2.55 million. The firm's revenue was up 40.9% compared to the same quarter last year. Research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

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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