D-Wave Quantum (NYSE:QBTS) Trading Up 6.3% - Here's What Happened

Key Points

• D-Wave Quantum shares rose 6.3% on Wednesday, trading as high as $19.45 after closing at $18.19 the day before. About 21.7 million shares changed hands, below its average daily volume.
• Analyst sentiment remains mostly positive, with 14 Buy ratings, 2 Hold ratings, and 1 Sell rating. The stock’s consensus price target is $34.67, even though a few firms recently trimmed or downgraded their views.
• Recent earnings were mixed: the company beat EPS expectations at -$0.05 versus -$0.08 expected, but revenue came in below forecasts at $2.86 million and fell sharply year over year. Insiders also sold shares recently, while institutional investors have increased positions in the stock.

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price was up 6.3% on Wednesday . The stock traded as high as $19.45 and last traded at $19.3370. Approximately 21,670,208 shares changed hands during trading, a decline of 26% from the average daily volume of 29,413,363 shares. The stock had previously closed at $18.19.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on QBTS shares. Wall Street Zen lowered shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a research report on Saturday, February 7th. Mizuho reduced their price objective on shares of D-Wave Quantum from $31.00 to $29.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Jefferies Financial Group restated a "buy" rating on shares of D-Wave Quantum in a research report on Tuesday, May 12th. Weiss Ratings lowered shares of D-Wave Quantum from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, April 29th. Finally, Zacks Research raised shares of D-Wave Quantum from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 28th. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $34.67.

D-Wave Quantum Stock Up 6.3%

The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $7.15 billion, a PE ratio of -17.11 and a beta of 1.95. The business's 50 day simple moving average is $18.05 and its 200 day simple moving average is $22.35.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, beating analysts' consensus estimates of ($0.08) by $0.03. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The company had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. During the same period in the prior year, the firm earned ($0.02) earnings per share. The business's quarterly revenue was down 80.9% on a year-over-year basis. As a group, analysts forecast that D-Wave Quantum Inc. will post -0.44 EPS for the current year.

Insider Activity at D-Wave Quantum

In other news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $17.62, for a total value of $176,200.00. Following the completion of the sale, the director directly owned 27,778 shares of the company's stock, valued at $489,448.36. This represents a 26.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John M. Markovich sold 10,706 shares of the stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $17.63, for a total transaction of $188,746.78. Following the completion of the sale, the chief financial officer directly owned 1,451,427 shares of the company's stock, valued at $25,588,658.01. This trade represents a 0.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 31,776 shares of company stock valued at $574,571 over the last ninety days. 3.20% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds have recently made changes to their positions in QBTS. Mutual Advisors LLC acquired a new position in D-Wave Quantum in the third quarter worth approximately $1,069,000. Federated Hermes Inc. increased its holdings in D-Wave Quantum by 259,560.6% in the third quarter. Federated Hermes Inc. now owns 184,359 shares of the company's stock worth $4,556,000 after buying an additional 184,288 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in D-Wave Quantum by 370.9% in the third quarter. Caitong International Asset Management Co. Ltd now owns 96,248 shares of the company's stock worth $2,378,000 after buying an additional 75,807 shares during the last quarter. SG Americas Securities LLC increased its holdings in D-Wave Quantum by 254.7% in the fourth quarter. SG Americas Securities LLC now owns 2,272,020 shares of the company's stock worth $59,413,000 after buying an additional 1,631,415 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in D-Wave Quantum by 61.2% in the third quarter. Jones Financial Companies Lllp now owns 104,661 shares of the company's stock worth $2,801,000 after buying an additional 39,751 shares during 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 NYSE: QBTS develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company's product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.