D-Wave Quantum (NASDAQ:QBTS) Shares Up 3.4% – Time to Buy?

D-Wave Quantum Inc. (NASDAQ:QBTS)’s share price was up 3.4% during mid-day trading on Monday . The stock traded as high as $17.92 and last traded at $17.70. 14,781,504 shares were traded during trading, a decline of 46% from the average session volume of 27,381,014 shares. The stock had previously closed at $17.11.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Roth Capital reaffirmed a “buy” rating and set a $30.00 target price on shares of D-Wave Quantum in a research note on Thursday, August 6th. Zacks Research lowered D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Mizuho boosted their target price on D-Wave Quantum from $29.00 to $35.00 and gave the stock an “outperform” rating in a research report on Monday, June 15th. B. Riley Financial upped their price target 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. Finally, Wedbush initiated coverage on shares of D-Wave Quantum in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Thirteen investment 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.27.

D-Wave Quantum Trading Up 3.4%

The stock has a market cap of $6.55 billion, a P/E ratio of -24.93 and a beta of 2.15. The company has a current ratio of 20.55, a quick ratio of 20.42 and a debt-to-equity ratio of 0.03. The company has a 50-day moving average price of $18.26 and a two-hundred day moving average price of $19.91.

D-Wave Quantum (NASDAQ:QBTS) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The company had revenue of $3.08 million for the quarter, compared to analysts’ expectations of $4.03 million. D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The business’s quarterly revenue was down 0.6 on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.08) EPS. On average, research analysts expect that D-Wave Quantum Inc. will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other news, VP Sophie Ames sold 3,070 shares of the firm’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $16.95, for a total value of $52,036.50. Following the completion of the sale, the vice president owned 589,009 shares in the company, valued at approximately $9,983,702.55. This trade represents a 0.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors have recently added to or reduced their stakes in the company. CoreCap Advisors LLC lifted its position in shares of D-Wave Quantum by 9.2% during the second quarter. CoreCap Advisors LLC now owns 6,115 shares of the company’s stock worth $147,000 after purchasing an additional 515 shares during the last quarter. Thoroughbred Financial Services LLC boosted its stake in shares of D-Wave Quantum by 0.5% during the fourth quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company’s stock valued at $3,447,000 after purchasing an additional 602 shares during the period. Presilium Private Wealth LLC grew its holdings in shares of D-Wave Quantum by 6.9% in the first quarter. Presilium Private Wealth LLC now owns 10,657 shares of the company’s stock worth $154,000 after purchasing an additional 687 shares during the last quarter. Main Management ETF Advisors LLC grew its holdings in shares of D-Wave Quantum by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 69,687 shares of the company’s stock worth $1,822,000 after purchasing an additional 712 shares during the last quarter. Finally, Root Financial Partners LLC increased its stake in D-Wave Quantum by 388.0% in the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after buying an additional 776 shares during the period. Institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

D-Wave Quantum Inc develops quantum computing systems, software, and services for commercial, government, and research customers. The company is best known for its quantum annealing technology, which is designed to help solve complex optimization problems involving areas such as logistics, scheduling, manufacturing, artificial intelligence, and financial modeling.

D-Wave also develops gate-model quantum computing technology and provides access to its systems through cloud-based services, including the Leap quantum application environment.