D-Wave Quantum (NYSE:QBTS) Stock Price Up 11.2% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) was up 11.2% on Tuesday . The company traded as high as $14.49 and last traded at $14.4380. Approximately 24,882,644 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 29,163,658 shares. The stock had previously closed at $12.98.

Analyst Ratings Changes

A number of analysts have issued reports on QBTS shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of D-Wave Quantum in a report on Friday. Zacks Research downgraded shares of D-Wave Quantum from a “hold” rating to a “strong sell” rating in a report on Friday, March 6th. Roth Mkm cut their price objective on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $43.00 target price on shares of D-Wave Quantum in a report on Wednesday, January 28th. Finally, Wedbush began coverage on D-Wave Quantum in a report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 price target for the company. Fourteen investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.50.

D-Wave Quantum Stock Performance

The company has a quick ratio of 42.25, a current ratio of 42.38 and a debt-to-equity ratio of 0.04. The firm has a 50 day moving average price of $19.46 and a 200 day moving average price of $25.18. The stock has a market cap of $5.34 billion, a PE ratio of -13.13 and a beta of 1.61.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.04). D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The firm had revenue of $2.75 million for the quarter, compared to analysts’ expectations of $3.74 million. D-Wave Quantum’s revenue for the quarter was up 21.7% compared to the same quarter last year. As a group, research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Alan E. Baratz sold 35,013 shares of the firm’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total transaction of $982,464.78. Following the sale, the chief executive officer owned 2,598,150 shares in the company, valued at approximately $72,904,089. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $18.01, for a total transaction of $144,080.00. Following the sale, the director directly owned 19,803 shares of the company’s stock, valued at $356,652.03. This represents a 28.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 72,898 shares of company stock valued at $1,749,054. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. grew its position in shares of D-Wave Quantum by 125.7% during the second quarter. Osaic Holdings Inc. now owns 247,004 shares of the company’s stock worth $3,616,000 after acquiring an additional 137,549 shares during the last quarter. UNICOM Systems Inc. raised its holdings in D-Wave Quantum by 12.1% during the third quarter. UNICOM Systems Inc. now owns 3,121,346 shares of the company’s stock worth $77,128,000 after purchasing an additional 337,838 shares during the last quarter. Csenge Advisory Group lifted its holdings in shares of D-Wave Quantum by 99.1% in the third 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 acquired a new stake in shares of D-Wave Quantum during the third quarter valued at $1,069,000. Finally, Federated Hermes Inc. grew its stake in D-Wave Quantum by 259,560.6% in the 3rd quarter. Federated Hermes Inc. now owns 184,359 shares of the company’s stock worth $4,556,000 after acquiring an additional 184,288 shares during the period. Hedge funds and other institutional investors own 42.47% of the company’s stock.

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.