D-Wave Quantum (NYSE:QBTS) Issues Quarterly Earnings Results, Beats Expectations By $0.02 EPS

D-Wave Quantum (NYSE:QBTS) posted its quarterly earnings data on Thursday. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02, Briefing.com reports. D-Wave Quantum had a negative return on equity of 124.07% and a negative net margin of 1,651.81%.The business had revenue of $3.74 million during the quarter, compared to the consensus estimate of $3.03 million. The business’s revenue for the quarter was up 105.6% on a year-over-year basis.

D-Wave Quantum Stock Up 4.1%

NYSE QBTS traded up $1.17 during mid-day trading on Friday, reaching $29.56. The stock had a trading volume of 50,445,076 shares, compared to its average volume of 58,118,144. The stock has a market cap of $10.11 billion, a PE ratio of -21.89 and a beta of 1.53. D-Wave Quantum has a 1 year low of $1.39 and a 1 year high of $46.75. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86. The company has a fifty day moving average price of $28.10 and a 200 day moving average price of $19.66.

Insiders Place Their Bets

In other D-Wave Quantum news, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $143,440.00. Following the completion of the sale, the director owned 36,295 shares of the company’s stock, valued at approximately $650,769.35. This trade represents a 18.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Markovich sold 7,994 shares of the company’s stock in a transaction on Tuesday, October 14th. The shares were sold at an average price of $43.74, for a total value of $349,657.56. Following the transaction, the chief financial officer directly owned 1,580,934 shares in the company, valued at approximately $69,150,053.16. The trade was a 0.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 207,363 shares of company stock valued at $4,659,478. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. State Street Corp grew its stake in shares of D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock valued at $97,333,000 after purchasing an additional 1,941,762 shares during the period. Man Group plc bought a new stake in D-Wave Quantum during the 2nd quarter worth approximately $26,535,000. Raymond James Financial Inc. lifted its holdings in D-Wave Quantum by 46.3% during the second quarter. Raymond James Financial Inc. now owns 637,426 shares of the company’s stock valued at $9,332,000 after purchasing an additional 201,762 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of D-Wave Quantum by 2,927.9% in the second quarter. Ameriprise Financial Inc. now owns 430,120 shares of the company’s stock worth $6,297,000 after purchasing an additional 415,915 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in shares of D-Wave Quantum in the first quarter worth approximately $3,013,000. Institutional investors own 42.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on QBTS. Piper Sandler upped their target price on shares of D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Wall Street Zen upgraded shares of D-Wave Quantum from a “sell” rating to a “hold” rating in a report on Saturday. Stifel Nicolaus initiated coverage on shares of D-Wave Quantum in a research note on Tuesday, August 5th. They set a “buy” rating and a $26.00 target price for the company. Needham & Company LLC reissued a “buy” rating on shares of D-Wave Quantum in a research report on Monday, August 4th. Finally, Zacks Research upgraded D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Thursday. Eleven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $26.17.

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.