D-Wave Quantum (NYSE:QBTS) Stock Price Up 9.2% - Here's Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) rose 9.2% during trading on Thursday . The stock traded as high as $18.20 and last traded at $18.47. Approximately 26,807,199 shares changed hands during trading, a decline of 45% from the average daily volume of 48,904,180 shares. The stock had previously closed at $16.91.

Analyst Ratings Changes

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

D-Wave Quantum Price Performance

The stock's 50-day moving average is $15.51 and its 200-day moving average is $9.82. The firm has a market cap of $5.62 billion, a P/E ratio of -32.07 and a beta of 1.40. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. The firm had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. As a group, equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 845,813 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the completion of the sale, the chief executive officer owned 2,866,412 shares of the company's stock, valued at $48,729,004. This trade represents a 22.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John M. Markovich sold 400,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total value of $6,920,000.00. Following the sale, the chief financial officer directly owned 1,577,944 shares of the company's stock, valued at $27,298,431.20. This represents a 20.22% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,636,796 shares of company stock worth $27,872,091. Insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in shares of D-Wave Quantum by 40.9% in the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock worth $1,845,000 after purchasing an additional 63,799 shares during the period. Charles Schwab Investment Management Inc. grew its position in D-Wave Quantum by 40.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 321,284 shares of the company's stock valued at $2,699,000 after acquiring an additional 91,721 shares during the last quarter. Victory Capital Management Inc. grew its position in D-Wave Quantum by 55.1% in the fourth quarter. Victory Capital Management Inc. now owns 29,399 shares of the company's stock valued at $247,000 after acquiring an additional 10,444 shares during the last quarter. Raymond James Financial Inc. bought a new position in D-Wave Quantum in the fourth quarter valued at about $2,087,000. Finally, PNC Financial Services Group Inc. bought a new position in D-Wave Quantum in the fourth quarter valued at about $38,000. Institutional investors own 42.47% of the company's stock.

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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