D-Wave Quantum (NASDAQ:QBTS) Shares Up 2.2% - What's Next?

Key Points

• D-Wave Quantum shares rose 2.2% to $17.90 in Thursday trading, while volume fell 34% below the average session level.
• Analysts remain broadly positive, with 13 Buy ratings, two Holds and one Sell; the consensus rating is “Moderate Buy” with an average price target of $36.27.
• The company reported weaker-than-expected quarterly results, including a $0.10-per-share loss versus an expected $0.08 loss and revenue of $3.08 million versus the $4.03 million consensus. Insiders have sold more than 1 million shares worth approximately $26.2 million over the past 90 days.

D-Wave Quantum Inc. (NASDAQ:QBTS - Get Free Report)'s stock price rose 2.2% during trading on Thursday . The company traded as high as $18.37 and last traded at $17.90. Approximately 18,993,191 shares changed hands during trading, a decline of 34% from the average session volume of 28,565,836 shares. The stock had previously closed at $17.51.

Analyst Ratings Changes

Several equities analysts recently weighed in on QBTS shares. B. Riley Financial lifted their price target on D-Wave Quantum from $36.00 to $40.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Needham & Company LLC restated a "buy" rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. Benchmark assumed coverage on D-Wave Quantum in a research note on Monday, July 27th. They set a "buy" rating and a $30.00 target price for the company. Roth Capital reissued a "buy" rating and issued a $30.00 price target on shares of D-Wave Quantum in a report on Thursday, August 6th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $40.00 price objective on shares of D-Wave Quantum in a report on Wednesday, May 13th. Thirteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $36.27.

D-Wave Quantum Stock Performance

The stock has a 50-day moving average of $20.27 and a 200 day moving average of $20.21. The company has a quick ratio of 20.42, a current ratio of 20.55 and a debt-to-equity ratio of 0.03. The stock has a market cap of $6.62 billion, a PE ratio of -25.21 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.02). The company had revenue of $3.08 million for the quarter, compared to analyst estimates of $4.03 million. D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. D-Wave Quantum's revenue was down 0.6 on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.08) earnings per share. Equities analysts predict that D-Wave Quantum Inc. will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling

In other D-Wave Quantum news, VP Sophie C. Ames sold 3,070 shares of the firm's stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $16.95, for a total transaction of $52,036.50. Following the sale, the vice president owned 589,009 shares of the company's stock, valued at approximately $9,983,702.55. This trade represents a 0.52% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John D. Dilullo sold 7,850 shares of the business's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $24.43, for a total transaction of $191,775.50. Following the completion of the sale, the director directly owned 21,310 shares of the company's stock, valued at approximately $520,603.30. This trade represents a 26.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,012,065 shares of company stock worth $26,245,703. Corporate insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Root Financial Partners LLC raised its stake in shares of D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company's stock worth $26,000 after buying an additional 776 shares in the last quarter. Fiduciary Financial Advisors purchased a new stake in shares of D-Wave Quantum in the second quarter valued at approximately $25,000. Kemnay Advisory Services Inc. acquired a new position in D-Wave Quantum during the fourth quarter worth $28,000. EverSource Wealth Advisors LLC grew its holdings in D-Wave Quantum by 267.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company's stock worth $30,000 after acquiring an additional 838 shares during the period. Finally, Mcguire Capital Advisors Inc. purchased a new position in D-Wave Quantum in the fourth quarter worth $31,000. Hedge funds and other institutional investors own 42.47% of the company's stock.

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.

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