D-Wave Quantum (NYSE:QBTS) Stock Price Up 1.2% - Here's What Happened

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

Analysts Set New Price Targets

Several research firms recently commented on QBTS. B. Riley reissued a "buy" rating and issued a $20.00 price objective (up from $13.00) on shares of D-Wave Quantum in a research note on Wednesday. Williams Trading set a $20.00 price target on D-Wave Quantum in a report on Wednesday. Needham & Company LLC increased their target price on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Benchmark reissued 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. Finally, Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $13.57.

D-Wave Quantum Price 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 company has a market capitalization of $4.60 billion, a price-to-earnings ratio of -26.23 and a beta of 1.49. The company has a 50 day simple moving average of $12.07 and a 200 day simple moving average of $8.50.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to the consensus estimate 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 predict that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling

In related news, Director Rohit Ghai sold 43,517 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.80, for a total transaction of $731,085.60. Following the completion of the transaction, the director now owns 57,778 shares of the company's stock, valued at approximately $970,670.40. The trade was a 42.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John D. Dilullo sold 22,000 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $15.12, for a total value of $332,640.00. Following the transaction, the director now directly owns 59,295 shares of the company's stock, valued at $896,540.40. This represents a 27.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,636,796 shares of company stock worth $27,872,091 in the last three months. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in QBTS. Vanguard Group Inc. increased its stake in D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after acquiring an additional 3,624,407 shares during the period. Bank of New York Mellon Corp grew its position in D-Wave Quantum by 40.9% during the 4th quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock worth $1,845,000 after acquiring an additional 63,799 shares during the last quarter. Commonwealth Equity Services LLC grew its position in D-Wave Quantum by 1,097.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company's stock worth $1,916,000 after acquiring an additional 209,000 shares during the last quarter. Truist Financial Corp bought a new stake in D-Wave Quantum during the 4th quarter worth approximately $108,000. Finally, JPMorgan Chase & Co. lifted its holdings in D-Wave Quantum by 20.6% during the 4th quarter. JPMorgan Chase & Co. now owns 46,804 shares of the company's stock worth $393,000 after buying an additional 8,001 shares in 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.