D-Wave Quantum (NYSE:QBTS) Trading Up 2.4% on Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price shot up 2.4% during mid-day trading on Wednesday after B. Riley raised their price target on the stock from $13.00 to $20.00. B. Riley currently has a buy rating on the stock. D-Wave Quantum traded as high as $16.25 and last traded at $15.92. 18,942,509 shares were traded during mid-day trading, a decline of 75% from the average session volume of 76,248,336 shares. The stock had previously closed at $15.55.

A number of other analysts also recently commented on QBTS. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a report on Friday. Benchmark upped their price target on D-Wave Quantum from $14.00 to $20.00 and gave the company a "buy" rating in a research report on Tuesday. Needham & Company LLC increased their price target on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Roth Mkm boosted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of "Buy" and a consensus target price of $12.50.

Insider Activity

In related news, Director Rohit Ghai sold 43,517 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were 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. This trade represents a 42.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 845,813 shares of the business's stock in a transaction 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 transaction, the chief executive officer now owns 2,866,412 shares of the company's stock, valued at approximately $48,729,004. This trade represents a 22.78% 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. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

A number of large investors have recently made changes to their positions in QBTS. bLong Financial LLC boosted its position in shares of D-Wave Quantum by 5.2% during the 1st quarter. bLong Financial LLC now owns 24,092 shares of the company's stock worth $183,000 after acquiring an additional 1,200 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in D-Wave Quantum by 12.0% in the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock valued at $92,000 after purchasing an additional 1,300 shares in the last quarter. Victory Capital Management Inc. increased its stake in D-Wave Quantum by 5.8% in the first quarter. Victory Capital Management Inc. now owns 31,097 shares of the company's stock valued at $236,000 after purchasing an additional 1,698 shares during the last quarter. Summit Investment Advisors Inc. raised its holdings in D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after purchasing an additional 1,766 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in D-Wave Quantum by 5.1% during the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company's stock worth $358,000 after purchasing an additional 2,051 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

D-Wave Quantum Stock Up 0.5%

The firm's 50-day moving average price is $11.90 and its two-hundred day moving average price is $8.45. 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 firm has a market cap of $4.57 billion, a PE ratio of -26.05 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share 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 net margin of 617.84% and a negative return on equity of 227.95%. As a group, equities research analysts expect 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.

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