D-Wave Quantum (NYSE:QBTS) Trading 1.2% Higher – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) rose 1.2% during trading on Monday . The stock traded as high as $14.49 and last traded at $14.19. Approximately 13,478,876 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 47,389,247 shares. The stock had previously closed at $14.02.

Analyst Ratings Changes

A number of research firms recently weighed in on QBTS. Needham & Company LLC increased their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Cantor Fitzgerald assumed coverage on D-Wave Quantum in a research note on Wednesday. They set an “overweight” rating and a $20.00 target price on the stock. B. Riley reaffirmed a “buy” rating and issued a $20.00 target price (up from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Roth Capital reissued a “buy” rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Finally, Benchmark reissued a “buy” rating and issued a $20.00 price objective (up previously from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Eight investment 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 target price of $14.38.

D-Wave Quantum Stock Performance

The stock has a 50-day moving average price of $13.54 and a 200 day moving average price of $9.21. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $4.36 billion, a price-to-earnings ratio of -24.95 and a beta of 1.41.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. The company had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. On average, analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling

In other news, Director Kirstjen Nielsen sold 13,000 shares of the firm’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $16.04, for a total transaction of $208,520.00. Following the sale, the director owned 119,673 shares of the company’s stock, valued at approximately $1,919,554.92. This trade represents a 9.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roger Biscay sold 106,626 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.85, for a total value of $1,796,648.10. Following the sale, the director owned 14,260 shares of the company’s stock, valued at approximately $240,281. The trade was a 88.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock valued at $27,872,091 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently modified their holdings of QBTS. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum during the 4th quarter worth $26,000. PNC Financial Services Group Inc. acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth about $38,000. Russell Investments Group Ltd. lifted its holdings in shares of D-Wave Quantum by 133.9% in the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock valued at $42,000 after purchasing an additional 3,165 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of D-Wave Quantum by 106.1% in the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock valued at $44,000 after purchasing an additional 2,971 shares during the last quarter. Finally, Amalgamated Bank boosted its position in shares of D-Wave Quantum by 107.8% in the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company’s stock valued at $48,000 after purchasing an additional 3,266 shares during the period. 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.