D-Wave Quantum (NYSE:QBTS) Trading 1.7% Higher - Should You Buy?

Key Points

• D-Wave Quantum Inc. shares increased by 1.7% to $15.63, despite a significant decline in trade volume, down 87% from the average.
• The company has received a consensus rating of "Buy" from analysts, with price targets ranging from $19.27 to $30.00.
• Despite missing EPS estimates in its last earnings report, D-Wave Quantum reported a 40.9% increase in revenue year-over-year, totaling $3.10 million.

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded up 1.7% during mid-day trading on Monday . The company traded as high as $15.75 and last traded at $15.63. 8,663,199 shares were traded during mid-day trading, a decline of 87% from the average session volume of 64,869,691 shares. The stock had previously closed at $15.37.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on QBTS. Needham & Company LLC reissued a "buy" rating on shares of D-Wave Quantum in a report on Monday, August 4th. Stifel Nicolaus assumed coverage on shares of D-Wave Quantum in a research report on Tuesday, August 5th. They set a "buy" rating and a $26.00 price objective on the stock. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Cantor Fitzgerald assumed coverage on shares of D-Wave Quantum in a report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 target price on the stock. Finally, Rosenblatt Securities began coverage on shares of D-Wave Quantum in a research note on Tuesday, July 29th. They set a "buy" rating and a $30.00 price objective for the company. Eleven investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $19.27.

D-Wave Quantum Price Performance

The business has a fifty day moving average of $16.72 and a 200-day moving average of $12.58. The firm has a market cap of $5.27 billion, a PE ratio of -14.72 and a beta of 1.39. The company has a current ratio of 42.99, a quick ratio of 42.86 and a debt-to-equity ratio of 0.05.

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

Insider Buying and Selling at D-Wave Quantum

In other news, Director John D. Dilullo sold 22,000 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $15.12, for a total value of $332,640.00. Following the transaction, the director owned 59,295 shares of the company's stock, valued at approximately $896,540.40. This trade represents a 27.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO John M. Markovich sold 100,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $18.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the chief financial officer directly owned 1,558,753 shares of the company's stock, valued at $28,057,554. This represents a 6.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 378,787 shares of company stock worth $6,389,513. 3.20% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

Institutional investors have recently made changes to their positions in the business. Osaic Holdings Inc. boosted its stake in shares of D-Wave Quantum by 125.7% in the second quarter. Osaic Holdings Inc. now owns 247,004 shares of the company's stock worth $3,616,000 after buying an additional 137,549 shares during the last quarter. Orion Porfolio Solutions LLC acquired a new stake in shares of D-Wave Quantum during the second quarter valued at about $818,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of D-Wave Quantum during the second quarter worth approximately $203,000. Marex Group plc acquired a new position in D-Wave Quantum in the 2nd quarter worth approximately $80,070,000. Finally, Advisory Services Network LLC acquired a new position in D-Wave Quantum during the second quarter worth $554,000. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.