D-Wave Quantum (NYSE:QBTS) Shares Up 2.1% - Here's Why

Key Points

• D-Wave Quantum's stock rose by 2.1%, closing at $15.75, with a significant decline in trading volume compared to the average.
• Analysts have a consensus "Buy" rating for D-Wave Quantum, with target prices ranging from $20.00 to $26.00, following various upgrades from reputable research firms.
• The company reported a quarterly revenue of $3.10 million, surpassing estimates and reflecting a 40.9% increase year-over-year, despite a larger-than-expected loss per share.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price traded up 2.1% during trading on Tuesday . The stock traded as high as $15.89 and last traded at $15.75. 9,949,110 shares changed hands during trading, a decline of 85% from the average session volume of 64,633,984 shares. The stock had previously closed at $15.42.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Piper Sandler raised their price objective on D-Wave Quantum from $13.00 to $22.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Williams Trading set a $20.00 price target on D-Wave Quantum in a research report on Wednesday, June 18th. Rosenblatt Securities started coverage on D-Wave Quantum in a research report on Tuesday, July 29th. They issued a "buy" rating and a $30.00 price target for the company. Benchmark reaffirmed a "buy" rating and issued a $20.00 price target on shares of D-Wave Quantum in a research report on Monday, August 4th. Finally, Cantor Fitzgerald started coverage on D-Wave Quantum in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price target for the company. Eleven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $19.27.

D-Wave Quantum Trading Up 1.0%

The stock has a 50-day simple moving average of $16.76 and a two-hundred day simple moving average of $12.69. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99. The firm has a market cap of $5.54 billion, a PE ratio of -15.43 and a beta of 1.39.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The business had revenue of $3.10 million during the quarter, compared to analysts' expectations of $2.55 million. D-Wave Quantum's revenue for the quarter was up 40.9% on a year-over-year basis. As a group, sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 13,000 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $16.04, for a total value of $208,520.00. Following the completion of the transaction, the director owned 119,673 shares of the company's stock, valued at approximately $1,919,554.92. The trade was a 9.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John M. Markovich sold 100,000 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $18.00, for a total transaction of $1,800,000.00. Following the sale, the chief financial officer directly owned 1,558,753 shares of the company's stock, valued at $28,057,554. The trade was a 6.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 150,000 shares of company stock valued at $2,587,160. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in QBTS. Marex Group plc purchased a new stake in shares of D-Wave Quantum during the 2nd quarter valued at about $80,070,000. Vanguard Group Inc. increased its position in shares of D-Wave Quantum by 58.5% during 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 during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of D-Wave Quantum during the 2nd quarter valued at about $45,372,000. Bank of America Corp DE increased 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 valued at $21,404,000 after purchasing an additional 2,497,263 shares during the last quarter. Finally, Penserra Capital Management LLC increased its position in shares of D-Wave Quantum by 80.1% during 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 during the last quarter. Hedge funds and other 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.