D-Wave Quantum (NYSE:QBTS) Trading 4.7% Higher – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) shares traded up 4.7% on Monday . The stock traded as high as $24.26 and last traded at $23.8410. 22,713,824 shares were traded during trading, a decline of 30% from the average session volume of 32,253,514 shares. The stock had previously closed at $22.76.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Mizuho raised their price objective on D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, June 15th. Weiss Ratings upgraded shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 23rd. Rosenblatt Securities reiterated a “buy” rating and issued a $43.00 price objective on shares of D-Wave Quantum in a research report on Thursday, June 11th. Needham & Company LLC reiterated a “buy” rating and set a $40.00 target price on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. Finally, Zacks Research upgraded D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Fourteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $36.80.

D-Wave Quantum Trading Up 4.7%

The business’s 50-day moving average price is $23.46 and its 200 day moving average price is $22.24. The company has a market cap of $8.82 billion, a P/E ratio of -21.10 and a beta of 2.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The business had revenue of $2.86 million during the quarter, compared to analysts’ expectations of $4.19 million. During the same period last year, the firm posted ($0.02) EPS. The firm’s revenue for the quarter was down 80.9% compared to the same quarter last year. As a group, analysts expect that D-Wave Quantum Inc. will post -0.43 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Rohit Ghai sold 13,518 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $26.41, for a total value of $357,010.38. Following the sale, the director directly owned 23,617 shares of the company’s stock, valued at approximately $623,724.97. This represents a 36.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Sophie C. Ames sold 23,025 shares of D-Wave Quantum stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $18.98, for a total transaction of $437,014.50. Following the completion of the sale, the vice president owned 596,803 shares of the company’s stock, valued at $11,327,320.94. This represents a 3.71% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 1,363,842 shares of company stock worth $35,802,656. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in QBTS. Baird Financial Group Inc. lifted its position in D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock valued at $92,000 after purchasing an additional 1,300 shares during the last quarter. Royal Bank of Canada raised its position in shares of D-Wave Quantum by 59.8% in the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock worth $1,231,000 after acquiring an additional 60,668 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 201.0% during the 1st quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock valued at $1,526,000 after buying an additional 134,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of D-Wave Quantum by 93.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock worth $825,000 after acquiring an additional 52,437 shares during the last quarter. Finally, NewEdge Advisors LLC raised its holdings in D-Wave Quantum by 125.7% in the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after acquiring an additional 24,382 shares during the last quarter. 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.