D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report)’s share price shot up 3.3% during trading on Thursday . The company traded as high as $22.53 and last traded at $22.14. 28,057,405 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 29,688,281 shares. The stock had previously closed at $21.44.
D-Wave Quantum News Summary
Here are the key news stories impacting D-Wave Quantum this week:
- Positive Sentiment: Several firms reiterated bullish views on QBTS, including Buy or Overweight ratings from Cantor Fitzgerald, Canaccord Genuity, Needham and Rosenblatt, signaling that analysts still see long-term upside. Article Title
- Positive Sentiment: The company’s Q1 update showed record bookings of $33.4 million, which suggests demand for its quantum systems and services remains strong even though revenue was lower than expected. Article Title
- Neutral Sentiment: Coverage this week highlighted D-Wave as a closely watched name in the quantum-computing trade, with investors debating whether recent weakness is a buying opportunity after the Q1 reaction. Article Title
- Negative Sentiment: QBTS is being hit by a sector-wide selloff in quantum stocks, which is overshadowing company-specific positives and dragging shares lower alongside peers. Article Title
- Negative Sentiment: Investors are still weighing weak top-line results from Q1, including revenue of $2.86 million, which keeps questions alive about near-term profitability and execution. Article Title
Wall Street Analyst Weigh In
A number of research firms recently commented on QBTS. Zacks Research raised shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $43.00 price objective on shares of D-Wave Quantum in a research note on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research note on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research note on Wednesday. Finally, Wall Street Zen lowered shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, D-Wave Quantum has an average rating of “Moderate Buy” and an average target price of $34.67.
D-Wave Quantum Trading Down 8.6%
The company has a current ratio of 21.41, a quick ratio of 42.25 and a debt-to-equity ratio of 0.03. The company has a market cap of $7.49 billion, a PE ratio of -17.91 and a beta of 1.95. The business’s 50-day simple moving average is $18.05 and its 200-day simple moving average is $22.64.
D-Wave Quantum (NYSE:QBTS – Get Free Report) last released its earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The company had revenue of $2.86 million during the quarter, compared to the consensus estimate of $4.19 million. During the same quarter in the prior year, the firm earned ($0.02) EPS. The company’s revenue was down 80.9% compared to the same quarter last year. As a group, analysts expect that D-Wave Quantum Inc. will post -0.44 EPS for the current fiscal year.
Insider Activity at D-Wave Quantum
In other D-Wave Quantum news, VP Sophie C. Ames sold 3,070 shares of the stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $21.35, for a total value of $65,544.50. Following the completion of the sale, the vice president owned 643,678 shares in the company, valued at $13,742,525.30. This represents a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rohit Ghai sold 10,000 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $17.62, for a total transaction of $176,200.00. Following the completion of the sale, the director owned 27,778 shares of the company’s stock, valued at approximately $489,448.36. The trade was a 26.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 31,776 shares of company stock worth $574,571 in the last quarter. 3.20% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On D-Wave Quantum
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Csenge Advisory Group raised its holdings in shares of D-Wave Quantum by 99.1% during the 3rd quarter. Csenge Advisory Group now owns 35,886 shares of the company’s stock valued at $887,000 after purchasing an additional 17,860 shares in the last quarter. Mutual Advisors LLC bought a new position in shares of D-Wave Quantum during the 3rd quarter valued at $1,069,000. Federated Hermes Inc. raised its holdings in shares of D-Wave Quantum by 259,560.6% during the 3rd quarter. Federated Hermes Inc. now owns 184,359 shares of the company’s stock valued at $4,556,000 after purchasing an additional 184,288 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of D-Wave Quantum by 370.9% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 96,248 shares of the company’s stock valued at $2,378,000 after purchasing an additional 75,807 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of D-Wave Quantum by 254.7% during the 4th quarter. SG Americas Securities LLC now owns 2,272,020 shares of the company’s stock valued at $59,413,000 after purchasing an additional 1,631,415 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.
D-Wave Quantum Company Profile
D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.
The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.
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