D-Wave Quantum (NYSE:QBTS) Stock Price Up 7.9% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) shares rose 7.9% during mid-day trading on Monday . The company traded as high as $26.73 and last traded at $25.7360. Approximately 28,890,151 shares changed hands during trading, a decline of 11% from the average daily volume of 32,467,918 shares. The stock had previously closed at $23.85.

Analyst Upgrades and Downgrades

QBTS has been the topic of a number of analyst reports. B. Riley Financial lifted their price objective on shares of D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Jefferies Financial Group reiterated a “buy” rating on shares of D-Wave Quantum in a research note on Tuesday, May 12th. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Rosenblatt Securities reiterated a “buy” rating and set a $43.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Finally, Northland Securities started coverage on shares of D-Wave Quantum in a research note on Monday, April 20th. They issued a “market perform” rating and a $22.00 price target for the company. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $36.40.

D-Wave Quantum Trading Up 7.9%

The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. The business’s 50 day moving average is $20.70 and its 200-day moving average is $22.20. The firm has a market cap of $9.52 billion, a P/E ratio of -22.78 and a beta of 2.05.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly 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. The business had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The business’s revenue was down 80.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. As a group, analysts forecast that D-Wave Quantum Inc. will post -0.43 earnings per share for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum stock in a transaction on Monday, March 16th. The shares were sold at an average price of $17.62, for a total value of $176,200.00. Following the completion of the transaction, the director owned 27,778 shares of the company’s stock, valued at $489,448.36. The trade was a 26.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John D. Dilullo sold 7,850 shares of D-Wave Quantum stock in a transaction on Friday, June 5th. The stock was sold at an average price of $24.43, for a total transaction of $191,775.50. Following the completion of the transaction, the director directly owned 21,310 shares of the company’s stock, valued at approximately $520,603.30. This represents a 26.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 386,311 shares of company stock worth $10,255,860. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in D-Wave Quantum by 41.2% in the third quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after purchasing an additional 11,218,255 shares during the period. UBS Group AG boosted its holdings in D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after purchasing an additional 10,205,427 shares during the period. Geode Capital Management LLC boosted its holdings in D-Wave Quantum by 11.5% in the fourth quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock worth $220,085,000 after purchasing an additional 866,405 shares during the period. State Street Corp boosted its holdings in D-Wave Quantum by 5.3% in the fourth quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after purchasing an additional 385,809 shares during the period. Finally, Marex Group plc boosted its holdings in shares of D-Wave Quantum by 74.9% during the fourth quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock valued at $120,098,000 after acquiring an additional 1,966,500 shares during the period. Institutional investors and hedge funds 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.