D-Wave Quantum (NYSE:QBTS) Trading 7.3% Higher - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price traded up 7.3% during trading on Monday . The stock traded as high as $20.19 and last traded at $20.27. 31,366,319 shares traded hands during trading, a decline of 37% from the average session volume of 49,665,192 shares. The stock had previously closed at $18.89.

Wall Street Analyst Weigh In

Several research analysts have commented on QBTS shares. Benchmark reaffirmed a "buy" rating and issued a $20.00 price target (up from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. Cantor Fitzgerald started coverage on shares of D-Wave Quantum in a report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price objective for the company. Needham & Company LLC lifted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Finally, Williams Trading set a $20.00 target price 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, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price 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 stock has a market cap of $5.37 billion, a price-to-earnings ratio of -30.65 and a beta of 1.40. The company has a 50 day simple moving average of $15.84 and a 200-day simple moving average of $9.97.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping 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. Research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling

In related news, Director Roger Biscay sold 106,626 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.85, for a total value of $1,796,648.10. Following the sale, the director directly owned 14,260 shares of the company's stock, valued at $240,281. This trade represents a 88.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kirstjen Nielsen sold 58,644 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.21, for a total transaction of $950,619.24. Following the completion of the transaction, the director owned 132,673 shares of the company's stock, valued at approximately $2,150,629.33. This trade represents a 30.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,636,796 shares of company stock worth $27,872,091. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of D-Wave Quantum by 58.5% in the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock worth $85,766,000 after purchasing an additional 4,166,721 shares during the last quarter. Penserra Capital Management LLC lifted its position 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 valued at $38,518,000 after purchasing an additional 2,253,741 shares in the last quarter. UNICOM Systems Inc. boosted its holdings 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 purchasing an additional 2,216,000 shares during the last quarter. Geode Capital Management LLC grew its position 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 worth $24,992,000 after purchasing an additional 418,468 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after buying an additional 2,497,263 shares in the last quarter. Institutional investors own 42.47% of the company's stock.

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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