D-Wave Quantum (NYSE:QBTS) Stock Price Up 1.9% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares were up 1.9% on Thursday . The stock traded as high as $16.58 and last traded at $16.29. Approximately 16,616,834 shares changed hands during trading, a decline of 65% from the average daily volume of 47,814,512 shares. The stock had previously closed at $15.98.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. B. Riley reiterated a "buy" rating and set a $20.00 price target (up previously from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Williams Trading set a $20.00 price target on shares of D-Wave Quantum in a research note 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 stock a "buy" rating in a research report on Friday, May 9th. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Finally, Benchmark reaffirmed a "buy" rating and set a $20.00 target price (up previously from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $14.38.

D-Wave Quantum Stock Up 4.1%

The stock has a market capitalization of $4.86 billion, a PE ratio of -27.72 and a beta of 1.40. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73. The business has a 50 day moving average of $13.90 and a two-hundred day moving average of $9.32.

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

Insider Transactions at D-Wave Quantum

In related news, Director John D. Dilullo sold 15,000 shares of D-Wave Quantum stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $16.40, for a total value of $246,000.00. Following the completion of the sale, the director directly owned 44,295 shares in the company, valued at $726,438. This trade represents a 25.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kirstjen Nielsen sold 13,000 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $16.04, for a total value of $208,520.00. Following the completion of the transaction, the director directly owned 119,673 shares in the company, valued at approximately $1,919,554.92. The trade was a 9.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,636,796 shares of company stock worth $27,872,091. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in QBTS. Vanguard Group Inc. grew its position in shares of D-Wave Quantum by 58.5% during the 1st 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 during the period. Penserra Capital Management LLC grew its holdings in shares of D-Wave Quantum by 80.1% during 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. UNICOM Systems Inc. boosted its position in D-Wave Quantum by 91.9% during the first 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 last quarter. Geode Capital Management LLC raised its holdings in D-Wave Quantum by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock valued at $24,992,000 after acquiring an additional 418,468 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after acquiring an additional 2,497,263 shares during the last quarter. Institutional investors and hedge funds 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.