D-Wave Quantum (NYSE:QBTS) Stock Price Up 2% – Here’s Why
by Jessica Moore · The Cerbat GemShares of D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report) traded up 2% during mid-day trading on Friday . The company traded as high as $30.16 and last traded at $30.0680. 36,065,724 shares traded hands during trading, an increase of 13% from the average session volume of 31,998,527 shares. The stock had previously closed at $29.49.
Analysts Set New Price Targets
A number of equities analysts have issued reports on the company. Mizuho lowered their price target on D-Wave Quantum from $31.00 to $29.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Rosenblatt Securities reiterated a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a research report on Wednesday, May 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $40.00 price target on shares of D-Wave Quantum in a research report on Wednesday, May 13th. Zacks Research upgraded D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, TD Cowen assumed coverage on D-Wave Quantum in a research report on Thursday, February 12th. They set a “buy” rating on the stock. Fourteen 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.67.
Check Out Our Latest Research Report on QBTS
D-Wave Quantum Stock Performance
The firm has a market cap of $11.12 billion, a PE ratio of -26.61 and a beta of 1.95. The firm has a 50-day moving average price of $19.27 and a two-hundred day moving average price of $22.10. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03.
D-Wave Quantum (NYSE:QBTS – Get Free Report) last released its earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.03. The business had revenue of $2.86 million for the quarter, compared to the consensus estimate of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The business’s quarterly revenue was down 80.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.02) earnings per share. Research analysts forecast that D-Wave Quantum Inc. will post -0.44 EPS for the current fiscal year.
Insider Transactions at D-Wave Quantum
In other news, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $17.62, for a total value of $176,200.00. Following the transaction, the director owned 27,778 shares in the company, valued at $489,448.36. This trade represents a 26.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $18.01, for a total value of $144,080.00. Following the completion of the transaction, the director owned 19,803 shares in the company, valued at approximately $356,652.03. This trade represents a 28.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 383,553 shares of company stock worth $10,118,016. 3.20% of the stock is owned by insiders.
Hedge Funds Weigh In On D-Wave Quantum
Hedge funds and other institutional investors have recently made changes to their positions in the company. Root Financial Partners LLC lifted its position in D-Wave Quantum by 388.0% during the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after buying an additional 776 shares in the last quarter. Parallel Advisors LLC lifted its position in D-Wave Quantum by 545.5% during the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock worth $26,000 after buying an additional 1,511 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new position in D-Wave Quantum during the fourth quarter worth approximately $28,000. PeakShares LLC purchased a new position in D-Wave Quantum during the first quarter worth approximately $29,000. Finally, EverSource Wealth Advisors LLC lifted its position in D-Wave Quantum by 267.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after buying an additional 838 shares in the last quarter. Hedge funds and other institutional investors 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.