D-Wave Quantum (NYSE:QBTS) Reaches New 52-Week High – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $41.97 and last traded at $40.71, with a volume of 88721168 shares changing hands. The stock had previously closed at $33.02.

Wall Street Analyst Weigh In

A number of research firms have weighed in on QBTS. Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a report on Saturday, September 27th. Canaccord Genuity Group assumed coverage on shares of D-Wave Quantum in a report on Wednesday, July 23rd. They set a “buy” rating and a $20.00 price target on the stock. Benchmark reiterated a “buy” rating and set a $20.00 price target on shares of D-Wave Quantum in a report on Monday, August 4th. Stifel Nicolaus initiated coverage on D-Wave Quantum in a research report on Tuesday, August 5th. They set a “buy” rating and a $26.00 target price for the company. Finally, Cantor Fitzgerald assumed coverage on D-Wave Quantum in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $20.00 target price for the company. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $20.27.

D-Wave Quantum Price Performance

The stock has a market capitalization of $13.92 billion, a P/E ratio of -38.77 and a beta of 1.49. The business’s 50 day simple moving average is $21.38 and its two-hundred day simple moving average is $16.02. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The business had revenue of $3.10 million during the quarter, compared to analyst estimates of $2.55 million. The business’s revenue was up 40.9% on a year-over-year basis. As a group, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $179,300.00. Following the transaction, the director owned 47,778 shares of the company’s stock, valued at $856,659.54. The trade was a 17.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John M. Markovich sold 50,000 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $16.30, for a total value of $815,000.00. Following the transaction, the chief financial officer directly owned 1,599,511 shares in the company, valued at approximately $26,072,029.30. The trade was a 3.03% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 168,000 shares of company stock valued at $2,937,740. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC grew its position in D-Wave Quantum by 34.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock worth $46,000 after purchasing an additional 482 shares in the last quarter. Reyes Financial Architecture Inc. purchased a new position in shares of D-Wave Quantum in the 2nd quarter worth approximately $29,000. Atlantic Union Bankshares Corp purchased a new position in shares of D-Wave Quantum in the 2nd quarter worth approximately $29,000. Parallel Advisors LLC lifted its holdings in D-Wave Quantum by 227.3% during the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock worth $32,000 after acquiring an additional 1,532 shares during the period. Finally, Gables Capital Management Inc. bought a new stake in D-Wave Quantum during the second quarter worth $37,000. 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.