D-Wave Quantum (NYSE:QBTS) Trading 1.2% Higher - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price rose 1.2% during trading on Thursday . The company traded as high as $16.25 and last traded at $15.74. Approximately 52,502,426 shares were traded during trading, an increase of 13% from the average daily volume of 46,423,550 shares. The stock had previously closed at $15.55.

Wall Street Analysts Forecast Growth

A number of research firms have commented on QBTS. Benchmark restated a "buy" rating and issued a $20.00 target price (up previously from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. Roth Mkm lifted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Williams Trading set a $20.00 price objective on D-Wave Quantum in a report on Wednesday. B. Riley reiterated a "buy" rating and issued a $20.00 price objective (up previously from $13.00) on shares of D-Wave Quantum in a report on Wednesday. Finally, Needham & Company LLC boosted 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. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $13.57.

D-Wave Quantum Trading Down 0.1%

The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of -26.16 and a beta of 1.49. 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 company has a 50-day moving average price of $12.41 and a 200-day moving average price of $8.72.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to analysts' expectations of $10.50 million. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. As a group, research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 845,813 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the completion of the sale, the chief executive officer now directly owns 2,866,412 shares of the company's stock, valued at $48,729,004. This represents a 22.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rohit Ghai sold 43,517 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.80, for a total value of $731,085.60. Following the transaction, the director now directly owns 57,778 shares of the company's stock, valued at approximately $970,670.40. This trade represents a 42.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,636,796 shares of company stock valued at $27,872,091 in the last three months. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in D-Wave Quantum by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock valued at $85,766,000 after purchasing an additional 4,166,721 shares in the last quarter. Penserra Capital Management LLC increased its stake in D-Wave Quantum by 80.1% in the 1st 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. increased 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 buying an additional 2,216,000 shares in the last quarter. Geode Capital Management LLC increased its position in D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after buying an additional 418,468 shares in the last quarter. Finally, Bank of America Corp DE increased its position in D-Wave Quantum by 4,912.4% during the fourth 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. 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.