D-Wave Quantum (NYSE:QBTS) Shares Up 3.8% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) was up 3.8% during mid-day trading on Wednesday . The company traded as high as $19.07 and last traded at $18.94. Approximately 18,939,831 shares traded hands during trading, a decline of 41% from the average daily volume of 32,233,586 shares. The stock had previously closed at $18.24.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on QBTS shares. Evercore initiated coverage on shares of D-Wave Quantum in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $44.00 target price for the company. Mizuho dropped their price objective on shares of D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, February 27th. Wall Street Zen downgraded D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Roth Mkm decreased their price target on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Finally, Wedbush began coverage on D-Wave Quantum in a research report on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price objective for the company. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, D-Wave Quantum has a consensus rating of “Moderate Buy” and an average price target of $36.50.

D-Wave Quantum Price Performance

The stock has a market capitalization of $6.89 billion, a P/E ratio of -16.93 and a beta of 1.61. The company has a debt-to-equity ratio of 0.04, a quick ratio of 54.49 and a current ratio of 42.38. The stock has a 50-day simple moving average of $23.41 and a 200 day simple moving average of $24.92.

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

Insider Activity at D-Wave Quantum

In related news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $24.28, for a total value of $242,800.00. Following the transaction, the director directly owned 37,778 shares in the company, valued at $917,249.84. This represents a 20.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Alan E. Baratz sold 793,712 shares of D-Wave Quantum stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $30.13, for a total transaction of $23,914,542.56. Following the sale, the chief executive officer directly owned 2,633,163 shares of the company’s stock, valued at $79,337,201.19. This represents a 23.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 959,466 shares of company stock worth $28,676,586 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds have recently added to or reduced their stakes in QBTS. Vanguard Group Inc. grew its position in shares of D-Wave Quantum by 41.2% during the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after buying an additional 11,218,255 shares during the period. UBS Group AG grew its holdings in D-Wave Quantum by 541.6% during the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after purchasing an additional 10,205,427 shares during the period. Geode Capital Management LLC raised 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 raised 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 bought a new position in shares of D-Wave Quantum during the second quarter worth $80,070,000. 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.