D-Wave Quantum (NYSE:QBTS) Trading 2.4% Higher After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) rose 2.4% during trading on Wednesday after B. Riley raised their price target on the stock from $13.00 to $20.00. B. Riley currently has a buy rating on the stock. D-Wave Quantum traded as high as $16.25 and last traded at $15.92. Approximately 18,942,509 shares traded hands during trading, a decline of 75% from the average daily volume of 76,248,336 shares. The stock had previously closed at $15.55.

Several other research analysts also recently commented on the company. Needham & Company LLC lifted their target price on D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Roth Capital reiterated a “buy” rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Roth Mkm boosted their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Finally, Benchmark boosted their price target on D-Wave Quantum from $14.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $12.50.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, Director Roger Biscay sold 15,675 shares of D-Wave Quantum stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total value of $259,891.50. Following the completion of the transaction, the director now directly owns 203,147 shares of the company’s stock, valued at $3,368,177.26. The trade was a 7.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rohit Ghai sold 43,517 shares of D-Wave Quantum stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the completion of the transaction, the director now directly owns 57,778 shares of the company’s stock, valued at $970,670.40. This represents a 42.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock worth $27,872,091 in the last ninety days. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Vontobel Holding Ltd. acquired a new position in D-Wave Quantum in the 4th quarter valued at $105,000. Rhumbline Advisers raised its holdings in D-Wave Quantum by 75.6% in the 4th quarter. Rhumbline Advisers now owns 133,405 shares of the company’s stock valued at $1,121,000 after acquiring an additional 57,438 shares in the last quarter. Truist Financial Corp acquired a new position in D-Wave Quantum in the 4th quarter valued at $108,000. Global Retirement Partners LLC acquired a new position in D-Wave Quantum in the 4th quarter valued at $169,000. Finally, Private Advisor Group LLC acquired a new position in D-Wave Quantum in the 4th quarter valued at $628,000. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Price Performance

The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of -26.23 and a beta of 1.49. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73. The company has a fifty day simple moving average of $12.07 and a two-hundred day simple moving average of $8.50.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. The company had revenue of $15.00 million during the quarter, compared to analysts’ expectations of $10.50 million. As a group, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.