D-Wave Quantum (NYSE:QBTS) Trading Up 2.2% - Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price shot up 2.2% during mid-day trading on Wednesday . The company traded as high as $15.79 and last traded at $15.15. 25,198,329 shares were traded during mid-day trading, a decline of 47% from the average session volume of 47,607,146 shares. The stock had previously closed at $14.82.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on QBTS shares. 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. Needham & Company LLC increased their price target on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Cantor Fitzgerald initiated coverage on shares of D-Wave Quantum in a research report on Wednesday. They set an "overweight" rating and a $20.00 price objective for the company. Roth Mkm boosted their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Finally, B. Riley reissued a "buy" rating and set a $20.00 target price (up from $13.00) on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $14.38.

D-Wave Quantum Price Performance

The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average of $13.71 and a 200 day moving average of $9.26. The firm has a market capitalization of $4.86 billion, a PE ratio of -27.72 and a beta of 1.40.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.02) 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 company had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. As a group, research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal 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 on Monday, June 16th. The stock was sold at an average price of $16.40, for a total transaction of $246,000.00. Following the sale, the director directly owned 44,295 shares in the company, valued at approximately $726,438. This trade represents a 25.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John M. Markovich sold 400,000 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total value of $6,920,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,577,944 shares in the company, valued at approximately $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 90 days, insiders have sold 1,636,796 shares of company stock worth $27,872,091. Company insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently made changes to their positions in the business. Voya Investment Management LLC grew its position in D-Wave Quantum by 69.3% during the first quarter. Voya Investment Management LLC now owns 48,924 shares of the company's stock valued at $372,000 after buying an additional 20,022 shares during the period. Rhumbline Advisers grew its position in shares of D-Wave Quantum by 81.8% during the 1st quarter. Rhumbline Advisers now owns 242,515 shares of the company's stock valued at $1,843,000 after acquiring an additional 109,110 shares during the period. Strs Ohio bought a new stake in shares of D-Wave Quantum in the 1st quarter worth approximately $139,000. Geneos Wealth Management Inc. bought a new stake in shares of D-Wave Quantum in the 1st quarter worth approximately $147,000. Finally, Focus Partners Wealth lifted its stake in D-Wave Quantum by 86.5% in the first quarter. Focus Partners Wealth now owns 42,947 shares of the company's stock valued at $326,000 after purchasing an additional 19,922 shares during the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

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.