D-Wave Quantum (NYSE:QBTS) Shares Up 2% – Here’s What Happened

Shares of D-Wave Quantum Inc. (NYSE:QBTS) shot up 2% on Tuesday . The company traded as high as $21.57 and last traded at $21.3840. 31,729,705 shares changed hands during trading, a decline of 17% from the average session volume of 38,283,418 shares. The stock had previously closed at $20.97.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on QBTS. Mizuho began coverage on shares of D-Wave Quantum in a research report on Thursday, December 11th. They set an “outperform” rating and a $46.00 price objective on the stock. Roth Mkm set a $40.00 target price on shares of D-Wave Quantum in a research note on Thursday, November 6th. Williams Trading set a $35.00 price target on shares of D-Wave Quantum in a report on Monday, November 10th. Wall Street Zen upgraded shares of D-Wave Quantum from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Finally, Canaccord Genuity Group set a $43.00 price objective on D-Wave Quantum in a research report on Thursday, January 29th. Thirteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.21.

D-Wave Quantum Price 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 business’s 50 day moving average price is $26.40 and its 200 day moving average price is $24.80. The stock has a market capitalization of $7.49 billion, a P/E ratio of -15.84 and a beta of 1.57.

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

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 200,000 shares of the firm’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $22.94, for a total value of $4,588,000.00. Following the transaction, the chief financial officer directly owned 1,482,874 shares of the company’s stock, valued at approximately $34,017,129.56. This trade represents a 11.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 806,288 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $28.87, for a total value of $23,277,534.56. Following the sale, the chief executive officer owned 2,801,265 shares of the company’s stock, valued at approximately $80,872,520.55. This represents a 22.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,346,916 shares of company stock worth $65,591,314 in the last ninety days. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently made changes to their positions in QBTS. International Assets Investment Management LLC bought a new stake in D-Wave Quantum during the fourth quarter valued at approximately $356,000. Generali Asset Management SPA SGR purchased a new position in shares of D-Wave Quantum during the 4th quarter worth $139,000. Encompass More Asset Management bought a new stake in shares of D-Wave Quantum during the 4th quarter valued at $1,064,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of D-Wave Quantum in the 4th quarter worth $1,108,000. Finally, Truist Financial Corp raised its holdings in D-Wave Quantum by 87.0% in the 4th quarter. Truist Financial Corp now owns 38,892 shares of the company’s stock worth $1,017,000 after purchasing an additional 18,090 shares during the period. 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.