D-Wave Quantum (NYSE:QBTS) Stock Price Up 10.4% After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price shot up 10.4% during trading on Wednesday after B. Riley raised their price target on the stock from $20.00 to $22.00. B. Riley currently has a buy rating on the stock. D-Wave Quantum traded as high as $19.49 and last traded at $19.43. 27,762,210 shares traded hands during trading, a decline of 44% from the average session volume of 49,911,369 shares. The stock had previously closed at $17.59.

QBTS has been the topic of several other reports. Canaccord Genuity Group assumed coverage on D-Wave Quantum in a research report on Wednesday. They issued a "buy" rating and a $20.00 price objective on the stock. Benchmark reiterated a "buy" rating and issued a $20.00 price target (up from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Cantor Fitzgerald started coverage on shares of D-Wave Quantum in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 target price on the stock. Finally, Williams Trading set a $20.00 target price on shares of D-Wave Quantum in a report on Wednesday, June 18th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has an average rating of "Buy" and a consensus price target of $15.22.

Insider Activity at D-Wave Quantum

In other news, Director Roger Biscay sold 106,626 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.85, for a total transaction of $1,796,648.10. Following the sale, the director owned 14,260 shares of the company's stock, valued at approximately $240,281. The trade was a 88.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Rohit Ghai sold 43,517 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the sale, the director directly owned 57,778 shares in the company, valued at approximately $970,670.40. This trade represents a 42.96% 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 valued at $27,872,091. Company insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Fourth Dimension Wealth LLC bought a new stake in D-Wave Quantum during the fourth quarter worth approximately $26,000. Reyes Financial Architecture Inc. bought a new stake in D-Wave Quantum during the second quarter worth approximately $29,000. Parallel Advisors LLC raised its holdings in D-Wave Quantum by 227.3% during the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock worth $32,000 after purchasing an additional 1,532 shares in the last quarter. PNC Financial Services Group Inc. bought a new stake in D-Wave Quantum during the fourth quarter worth approximately $38,000. Finally, Russell Investments Group Ltd. raised its holdings in D-Wave Quantum by 133.9% during the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock worth $42,000 after purchasing an additional 3,165 shares in the last quarter. Institutional investors own 42.47% of the company's stock.

D-Wave Quantum Stock Performance

The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. The stock has a market cap of $5.88 billion, a price-to-earnings ratio of -33.33 and a beta of 1.40. The company's 50-day simple moving average is $16.32 and its 200-day simple moving average is $10.16.

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. The firm had revenue of $15.00 million for the quarter, compared to analyst estimates 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 fiscal year.

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.