D-Wave Quantum (NASDAQ:QBTS) Shares Up 3.4% - What's Next?

Key Points

• D-Wave Quantum shares rose 3.4% to $17.70 in midday trading, although volume was 46% below the stock’s average session volume.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $36.27, well above the recent trading level.
• The company reported a quarterly loss of $0.10 per share and revenue of $3.08 million, missing analyst estimates for both earnings and revenue; analysts expect a full-year loss of $0.46 per share.

D-Wave Quantum Inc. (NASDAQ:QBTS - Get Free Report)'s share price traded up 3.4% during mid-day trading on Monday . The company traded as high as $17.92 and last traded at $17.70. 14,781,504 shares changed hands during trading, a decline of 46% from the average session volume of 27,381,014 shares. The stock had previously closed at $17.11.

Wall Street Analyst Weigh In

QBTS has been the topic of several recent research reports. Roth Capital reiterated a "buy" rating and issued a $30.00 price objective on shares of D-Wave Quantum in a research note on Thursday, August 6th. B. Riley Financial upped their target price on shares of D-Wave Quantum from $36.00 to $40.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Jefferies Financial Group set a $40.00 price target on shares of D-Wave Quantum in a research report on Friday, August 7th. Weiss Ratings upgraded shares of D-Wave Quantum from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, August 28th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $40.00 price target on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Thirteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $36.27.

D-Wave Quantum Price Performance

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 $6.55 billion, a P/E ratio of -24.93 and a beta of 2.15. The firm has a 50 day moving average price of $18.26 and a 200 day moving average price of $19.91.

D-Wave Quantum (NASDAQ:QBTS - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) 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 the consensus estimate 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%. The company's revenue was down 0.6 compared to the same quarter last year. During the same quarter last year, the firm posted ($0.08) earnings per share. On average, analysts forecast that D-Wave Quantum Inc. will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other news, VP Sophie Ames sold 3,070 shares of the stock in a transaction on Monday, July 20th. The shares were sold at an average price of $16.95, for a total value of $52,036.50. Following the completion of the sale, the vice president directly owned 589,009 shares of the company's stock, valued at $9,983,702.55. This represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Tidal Investments LLC bought a new stake in D-Wave Quantum during the second quarter valued at about $372,000. Archford Capital Strategies LLC bought a new position in shares of D-Wave Quantum in the second quarter worth about $200,000. WINTON GROUP Ltd purchased a new stake in shares of D-Wave Quantum during the second quarter worth about $6,720,000. NorthRock Partners LLC purchased a new stake in shares of D-Wave Quantum during the second quarter worth about $359,000. Finally, Integrated Wealth Concepts LLC raised its stake in D-Wave Quantum by 18.2% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 17,136 shares of the company's stock valued at $411,000 after purchasing an additional 2,640 shares during the period. Institutional investors own 42.47% of the company's stock.

About D-Wave Quantum

D-Wave Quantum Inc develops quantum computing systems, software, and services for commercial, government, and research customers. The company is best known for its quantum annealing technology, which is designed to help solve complex optimization problems involving areas such as logistics, scheduling, manufacturing, artificial intelligence, and financial modeling.

D-Wave also develops gate-model quantum computing technology and provides access to its systems through cloud-based services, including the Leap quantum application environment.

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