D-Wave Quantum (NASDAQ:QBTS) Trading Up 2.5% – Here’s What Happened

Shares of D-Wave Quantum Inc. (NASDAQ:QBTS) shot up 2.5% during mid-day trading on Wednesday . The stock traded as high as $21.00 and last traded at $20.74. Approximately 13,211,501 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 29,503,566 shares. The stock had previously closed at $20.23.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on QBTS shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 target price on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. Stifel Nicolaus set a $35.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Jefferies Financial Group set a $40.00 target price on shares of D-Wave Quantum in a research note on Friday, August 7th. Benchmark started coverage on shares of D-Wave Quantum in a report on Monday, July 27th. They set a “buy” rating and a $30.00 target price on the stock. Finally, Mizuho raised their price target on shares of D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a research report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $36.36.

D-Wave Quantum Stock Up 0.9%

The firm’s fifty day simple moving average is $21.09 and its 200 day simple moving average is $20.36. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03. The company has a market cap of $7.80 billion, a price-to-earnings ratio of -29.73 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $3.08 million for the quarter, compared to analysts’ expectations of $4.03 million. D-Wave Quantum had a negative return on equity of 28.19% and a negative net margin of 2,001.59%.D-Wave Quantum’s revenue for the quarter was down 0.6 on a year-over-year basis. During the same period last year, the firm posted ($0.08) earnings per share. Sell-side analysts predict that D-Wave Quantum Inc. will post -0.42 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In other news, Director Rohit Ghai sold 13,518 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $26.41, for a total transaction of $357,010.38. Following the completion of the transaction, 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 legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Sophie C. Ames sold 23,025 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $18.98, for a total value of $437,014.50. Following the sale, the vice president directly owned 596,803 shares in the company, valued at $11,327,320.94. This trade represents a 3.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 1,363,842 shares of company stock worth $35,789,148. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Legal & General Group Plc purchased a new position in shares of D-Wave Quantum in the 2nd quarter valued at $6,733,000. The Manufacturers Life Insurance Company purchased a new stake in D-Wave Quantum in the second quarter valued at $4,911,000. Wilmar Advisors LLC acquired a new position in D-Wave Quantum in the second quarter valued at $480,000. Fiduciary Financial Advisors purchased a new position in shares of D-Wave Quantum during the second quarter worth about $25,000. Finally, Cibc World Market Inc. purchased a new position in shares of D-Wave Quantum during the second quarter worth about $1,461,000. Institutional investors and hedge funds 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.