D-Wave Quantum (NYSE:QBTS) Shares Up 4.4% – Should You Buy?

D-Wave Quantum Inc. (NYSE:QBTS) shares were up 4.4% on Wednesday . The stock traded as high as $30.18 and last traded at $30.0870. Approximately 39,876,175 shares changed hands during mid-day trading, an increase of 1% from the average daily volume of 39,433,344 shares. The stock had previously closed at $28.82.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on QBTS. Zacks Research raised shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. Jefferies Financial Group initiated coverage on shares of D-Wave Quantum in a research report on Tuesday, December 16th. They issued a “buy” rating and a $45.00 price target on the stock. Rosenblatt Securities restated a “buy” rating and set a $40.00 price objective on shares of D-Wave Quantum in a report on Wednesday, January 7th. Roth Capital set a $40.00 target price on shares of D-Wave Quantum in a research note on Thursday, November 6th. Finally, Mizuho assumed coverage on D-Wave Quantum in a research report on Thursday, December 11th. They set an “outperform” rating and a $46.00 target price on the stock. Fourteen equities research 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’s stock. According to MarketBeat, D-Wave Quantum presently has an average rating of “Moderate Buy” and a consensus target price of $33.67.

D-Wave Quantum Stock Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49. The firm has a market cap of $10.53 billion, a P/E ratio of -22.29 and a beta of 1.57. The stock’s 50 day moving average is $26.24 and its two-hundred day moving average is $23.85.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The company had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. The firm’s revenue was up 105.6% compared to the same quarter last year. As a group, equities analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $24.28, for a total value of $242,800.00. Following the sale, the director directly owned 37,778 shares in the company, valued at $917,249.84. This represents a 20.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kirstjen Nielsen sold 7,000 shares of D-Wave Quantum stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $22.62, for a total value of $158,340.00. Following the transaction, the director directly owned 112,673 shares of the company’s stock, valued at approximately $2,548,663.26. The trade was a 5.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 2,302,724 shares of company stock worth $64,351,287 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in QBTS. GAMMA Investing LLC grew its stake in D-Wave Quantum by 34.6% during the third quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock worth $46,000 after buying an additional 482 shares during the last quarter. Blue Bell Private Wealth Management LLC boosted its holdings in shares of D-Wave Quantum by 5.3% in the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 9,901 shares of the company’s stock worth $245,000 after acquiring an additional 500 shares in the last quarter. Huntington National Bank grew its position in D-Wave Quantum by 17.9% during the 3rd quarter. Huntington National Bank now owns 3,300 shares of the company’s stock worth $82,000 after acquiring an additional 500 shares during the last quarter. bLong Financial LLC grew its position in D-Wave Quantum by 2.3% during the 2nd quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock worth $361,000 after acquiring an additional 551 shares during the last quarter. Finally, Noble Wealth Management PBC increased its holdings in D-Wave Quantum by 6.7% during the 4th quarter. Noble Wealth Management PBC now owns 9,600 shares of the company’s stock valued at $251,000 after purchasing an additional 600 shares in the last quarter. 42.47% of the stock is owned by institutional investors.

About D-Wave Quantum

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.