D-Wave Quantum (NYSE:QBTS) Trading 4.5% Higher – Still a Buy?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded up 4.5% during mid-day trading on Wednesday . The stock traded as high as $31.63 and last traded at $31.09. 31,404,969 shares changed hands during trading, a decline of 51% from the average session volume of 64,539,238 shares. The stock had previously closed at $29.74.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Benchmark reaffirmed a “buy” rating and set a $20.00 target price on shares of D-Wave Quantum in a research report on Monday, August 4th. Zacks Research cut D-Wave Quantum from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. B. Riley lifted their target price on D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Stifel Nicolaus assumed coverage on D-Wave Quantum in a research report on Tuesday, August 5th. They set a “buy” rating and a $26.00 target price on the stock. Finally, Rosenblatt Securities assumed coverage on D-Wave Quantum in a research report on Tuesday, July 29th. They set a “buy” rating and a $30.00 target price on the stock. Eleven research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.27.

D-Wave Quantum Stock Up 4.5%

The firm has a market capitalization of $10.63 billion, a P/E ratio of -29.61 and a beta of 1.53. The stock has a fifty day moving average of $27.26 and a 200 day moving average of $19.26. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The firm had revenue of $3.10 million during the quarter, compared to the consensus estimate of $2.55 million. D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. The business’s revenue was up 40.9% compared to the same quarter last year. On average, research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $179,300.00. Following the completion of the transaction, the director directly owned 47,778 shares in the company, valued at approximately $856,659.54. This represents a 17.31% decrease in their position. 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 100,000 shares of the company’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $18.00, for a total value of $1,800,000.00. Following the completion of the transaction, the chief financial officer owned 1,558,753 shares of the company’s stock, valued at $28,057,554. The trade was a 6.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 207,363 shares of company stock valued at $4,659,478 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the stock. Reyes Financial Architecture Inc. bought a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $29,000. Atlantic Union Bankshares Corp bought a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $29,000. Financial Consulate Inc. bought a new stake in shares of D-Wave Quantum in the 3rd quarter valued at about $31,000. Parallel Advisors LLC lifted its stake in shares of D-Wave Quantum by 227.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock valued at $32,000 after acquiring an additional 1,532 shares during the last quarter. Finally, Gables Capital Management Inc. bought a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $37,000. Institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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.